QuickBooks is a double-entry accounting system, while Quicken is
really a hybrid single/double-entry system. This has led to some
differences in the terms used for describing features of either
program.
Account
In Quicken, Account means an asset or liability account such as a
checking or savings account, an investment such as a stock or
commodity brokerage account, a loan register, etc.
In QuickBooks, Account refers to any line in the Chart of
Accounts--a specific category of assets, liabilities, equity,
income, or expenses.
Category
In Quicken, Category refers to income and expense
categories--groupings for income or expenses, such as Corn Sales,
Feeder Cattle Sales, Chemicals Expense, etc.
No equivalent term is needed in QuickBooks, since the Accounts
also include income and expense categories.
Class
In both programs, Classes are identifiers that add another way to
group the dollar amounts in your transactions, which is independent
of the groupings provided by using Accounts or Categories.
Classes have many potential uses, but for purposes of management
reporting they are often used to "tag" individual income
and expense transactions as belonging to specific profit
centers or cost centers (enterprises) in your operation.
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