Can I use MyBook Elite Ext. Hard Drive with WD Smartware and Other Backup Software W/O Problems?

Win7 32/64bit

MyBook Elite 1TB

Quicken 2010

I am new to using backup hard drives and a little dense about doing

so. I installed a WD MyBook Elite just a few days ago and everything

seems to be running fine but I would like to use Intuit’s Quicken

scheduled backup for my Quicken data backups. Can WD MyBook Elite with

Smartware software backups be shared with other backup software such

as Quicken Backup without problems? Can I simply create a folder for

Quicken data backups?

Thank You