Can you use the small business version for personal bank accounts? Or visa versa, can you use the home version for small business? What are the major differences?
The small business version is targeted to those who operate one or more small businesses. It includes a Profit & Loss (P&L) statement, and the Reports screen is better tailored for small business expense and income review. The register also features a column to designate which small business a transaction is for while also letting you designate when a transaction might be for personal use.
In contrast, the home version does not have a P&L statement, but it does have a column called Sub-Category which allows you to be more granular when categorizing your transactions.The home version also includes a few extra features that are more targeted for personal expenses (see comparison chart).
While it’s possible to use the small business version for personal home use, you won’t have the sub-category column to fine-tune the categorization of personal transactions. Similarly, the home version could be used for small business but it lacks the P&L statement, and it lacks the ability to designate which small business a transaction is for when you are using the same bank account or credit card account for more than one business.
Many people also prefer to have a level of separation between business finances and personal finances, but you can have both versions on your computer. And it’s possible to have both spreadsheets opened simultaneously too.