is quicken a good tool for indian accounting and india investments

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Arjan Chatani

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Posted 8 months ago

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NotACPA, SuperUser

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Q is only licensed for the US and Canada ... but many are using it in other countries.

re: your specific questions, you'd need to elaborate upon "indian accounting" and how it differs from traditional accounting and "india investments" and what would be different about them.

On the assumption that you're based in India, you won't be able to download from your bank/cards/brokerage/etc into Q.
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Arjan Chatani

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actually, I find that quicken is a better app as compared to Quickbooks for personal accounting - what I am not sure about is whether Quicken Quicken has features related to recording in Rupees, and some Arab or Far East currencies apart from the USD. and the experience India based users may have had with the app. I am not much concerned about its ability to download from the banks etc.,
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Arjan Chatani

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Apparently, thank you for you first feedback.
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Dan Glynhampton, SuperUser

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To use Quicken in an non-US currency you'll need to get at least the Deluxe edition as I don't think the Starter Edition has multi-currency support. I've just checked the currency list in Quicken for Windows 2017 and it contains the Indian Rupee and the Saudi Riyal, if that helps.
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QPW

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Here are a few of the limitations for any "foreign use".
  1. Maybe hard for you to purchase.  Quicken Inc's store definitely doesn't sale outside of the US.
  2. Registration needs creating an "Intuit Id", and a US address (one will have to be faked).
  3. English only.  Only ASCII is supported, but in some cases foreign characters can be used, but this shouldn't be expected, and it certainly isn't supported.
  4. Only the current exchange rate is supported.  So for instance when you have multiple currency accounts and pull up a net worth over time report the past values are not going to be accurate.
  5. One currency per account.
  6. It will allow you to put in the exchange rate at the time of a transfer from an account with one currency to another account in another currency.
  7. Anything to do with taxes is going to be US only and most likely wrong for you.  And that might include calculations on investments (not really sure on this one), but certainly means the the tax, and retirement functions won't be of use to you.  And of course the retirement investment account types will not be right for you.  Other than maybe saying tax deferred or not.
  8. Mobile sync is for US accounts only.
  9. Things like Zillow, credit reports, MorningStar X-Ray portfolio, ... Not usable.  And in that save area probably any "edition" higher than Deluxe will be a waste for you.  There might be some business functions like invoices that are usable in the Home and Business version, but I don't really know.  Not only do I not use them, I don't know how tied they are to a given countries accounting/taxes.  Note that the Deluxe edition does support all the same investment data as the Premier version.  The Premier version just has more bells and whistles.
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QPW

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P.S. In the past some have suggested that the Canadian version might be better for foreign use because it retains a currency exchange rate history.  But my recent testing proves that even though the Canadian version retains the currency exchange rate history, it doesn't use it in anything.  For instance if you pull up a net worth graph in the US and the Canadian versions you will see the same thing.  All numbers calculated for the exchange rates conversion will be done with the current exchange rate values.
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QPW

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Oh one more thing, MIGHT be possible to import bank data by downloading a file from your bank in a format like QIF, CSV, ...  But that is going to depend on if the characters are in ASCII or not.
https://getsatisfaction.com/quickencommunity/topics/faq-is-there-a-way-that-will-allow-you-to-import-transactions-from-qif-csv-excel-ofx-files-into-quicken
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splasher, SuperUser

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I don't think anyone else mentioned this.  Not sure how large your numbers might be, but you can only have 8+2 digits as shown here:

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NotACPA, SuperUser

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$100,000,000 Rupees equals $1,467,903.1137 USD.  So that could be a factor for total net worth type amounts ... but shouldn't matter for individual transactions.

NOTE that the limit is on the number of digits in the amount ... not the value in any particular currency.
(Edited)