Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

how to make a deposit pay tenant's rent

Quicken Rental Property Manager 2017. This is the simplest thing. I have a property and a tenant with a defined monthly rent. When I have a deposit  and it go to "Accept cleared transactions into register" how do I make a give deposit count to pay that tenant's rent or tenant's deposit? 

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited September 2018
    Before you run to the bank to deposit the check, first enter the Rent payment transaction in Quicken using the proper RPM feature processes.
    When you download transactions for your checking account later, there's a transaction for the deposit in your Quicken checking account register already. Quicken should be able to match the downloaded deposit transaction to the already existing register transaction, not creating any duplicates or other problems.


    Help! (Quicken for Windows)

    If you're unsure on
    how to do something, you can find more information about a specific task,
    function, feature or report in Quicken Help.

    To access Quicken Help simply press the F1 key from anywhere in Quicken (or
    click Help in the Menu bar, then click Quicken Help).

    Use the Contents tab to see the available books in Quicken Help. Click on one
    of the books to open it. Click on a chapter to drill down to more
    details.

    Or use the Search tab to search using keywords, e.g., "buy
    security".

    Some Quicken view screens may have a yellow (or blue) button with a question
    mark. Click it to get view - specific help.

  • Unknown
    Unknown Member
    edited January 2017
    UKR said:

    Before you run to the bank to deposit the check, first enter the Rent payment transaction in Quicken using the proper RPM feature processes.
    When you download transactions for your checking account later, there's a transaction for the deposit in your Quicken checking account register already. Quicken should be able to match the downloaded deposit transaction to the already existing register transaction, not creating any duplicates or other problems.




    Help! (Quicken for Windows)

    If you're unsure on
    how to do something, you can find more information about a specific task,
    function, feature or report in Quicken Help.

    To access Quicken Help simply press the F1 key from anywhere in Quicken (or
    click Help in the Menu bar, then click Quicken Help).

    Use the Contents tab to see the available books in Quicken Help. Click on one
    of the books to open it. Click on a chapter to drill down to more
    details.

    Or use the Search tab to search using keywords, e.g., "buy
    security".

    Some Quicken view screens may have a yellow (or blue) button with a question
    mark. Click it to get view - specific help.

    Thanks so.  But there is still a bit of a problem.  Our tenant is paying rent + deposit each month for the next 6 months.  For example, will it still match when I put in $500 rent paid and the check is $550?  
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    edited January 2017
    UKR said:

    Before you run to the bank to deposit the check, first enter the Rent payment transaction in Quicken using the proper RPM feature processes.
    When you download transactions for your checking account later, there's a transaction for the deposit in your Quicken checking account register already. Quicken should be able to match the downloaded deposit transaction to the already existing register transaction, not creating any duplicates or other problems.




    Help! (Quicken for Windows)

    If you're unsure on
    how to do something, you can find more information about a specific task,
    function, feature or report in Quicken Help.

    To access Quicken Help simply press the F1 key from anywhere in Quicken (or
    click Help in the Menu bar, then click Quicken Help).

    Use the Contents tab to see the available books in Quicken Help. Click on one
    of the books to open it. Click on a chapter to drill down to more
    details.

    Or use the Search tab to search using keywords, e.g., "buy
    security".

    Some Quicken view screens may have a yellow (or blue) button with a question
    mark. Click it to get view - specific help.

    I am not currently running an RPM version, so I cannot confirm the following at this time.  

    a)  I would be using an Undeposited Funds account if I was accepting rents fro more than one person and making group deposits at a time different than the time the check is actually received,  You have not indicated any such aspect in your case, so you may or may not be doing that.  I suppose the renter could be making a 'direct' deposit into your checking account.  This is not a critical aspect but plays into my next paragraph.  

    b)  I would first record a 'normal "Rent Received" transaction as a deposit into that Undeposited Funds account - a straight $500 transaction.  In that account, I would then edit the transaction to be a split transaction with a second split line as the $50 'Security Deposit' against whatever Account or category is being used for those deposits.  Finally (on the applicable date), I would be making the transfer from the Undeposited Funds account to the checking account - a $550 transfer plus whatever other checks from other renters might apply.  When you then download from the bank, their record of a $550 (or more) deposit would properly match with your existing record of a $550 (or more) deposit.  

    As noted, the UF account is not required in this picture.  You could be working directly in the Checking account register.  

    Again, I have not confirmed the above.  Before going into that process, make sure you have a good backup as a recovery point.

    HTH
This discussion has been closed.