Partial Rent Payments in Quicken 2017 Rental Property Manager

Unknown
Unknown Member
edited January 2019 in Investing (Windows)
How to manage partial rent payments in Rental Property Management
2017. I’m having problems finding a use case that works for entering partial rent
payments. For example, a tenant only pays half of the rent when the rent is due
and promises to pay the second half a week later. I expect the software to
accept the half payment and show the other half as past due until paid. All suggestions
I have found on the internet do not work as expected. If I enter a income of
type rent, it adds that to the grayed out expect rent for that month. When add
the remaining rent it adds that to the gray. 
Deleting payments and trying again just keeps adding in the Rent Center
but shows the correct payments in the Banking Account. Please help. I’m using
Quicken 2017 Rental Property Manager Version: R5 Build 26.1.1.5

Comments

  • Unknown
    Unknown Member
    edited April 2017
    This part of your question is a bit confusing to me: "If I enter a income of type rent, it adds that to the grayed out expect rent for that month. When add the remaining rent it adds that to the gray." But I'll give it a shot. So...have you set up an Accounts Receivable account as an Invoice account? Two individuals have posted here with excellent directions on how to set up Invoice accounts, then Invoice Reminders. When collecting rent, you would either click on the Invoice Form & "add payment," or click the gear icon under "Tips & Tutorials," and then click "New Customer Payment." Once the payment amount is filled in, Q will add checkmarks to the oldest invoices yet unpaid. Here are the instructions that I have copied & pasted into OneNote so I can repeatedly refer back to them:

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  • Unknown
    Unknown Member
    edited April 2017
    Thanks for the information/help! I’m new at this, hoping
    reply is the correct way to respond.

    I would describe this as two use cases for managing rent: “Using
    Rent Center to enter rent” and “Using invoices to enter rent”. I would not use
    the invoices if the Rent Center could deal with partial rent payments. Using
    the Rent Center shows the rent amount “grayed out” in the month column until
    the rent is entered. Using the Rent Center appears to be the use case the
    designers expected most people to use. Using the invoice use case provides a
    nice way to give statements etc. to tenants. It comes at the cost of a lot more
    setup time, clicking, clicking...

    It took me several hours of studying the
    directions given here along with trial and error to get this to work for me. Two
    main things confused me a bit. The first one was Business Tags & Property
    Tags. After I got it working I see additional information in my Tax Schedule
    report showing “business tag: property tag”. The invoices are missing in the
    Schedule E – Supplemental income and loss Report. Makes that report useless
    using the invoice method. The second confusing point (and most important) was
    getting the Category in the invoice set up correctly to get the Schedule E
    report to work.  NoCouth wrote: “The
    trick is to add a forward slash and the unit tag after the slash for each item.”
    It was not obvious to me that you could edit the category on the invoice item
    and add the / Apt+Apt 1. I have never seen a software pick list that allowed
    you to edit the selection after selecting it. I would highlight that to new
    users trying to do the same thing. I will need to spend more time to fully
    flush this out. I received a R6 software update in the middle of trying this.
  • Unknown
    Unknown Member
    edited April 2017
    Mike Bajc said:

    Thanks for the information/help! I’m new at this, hoping
    reply is the correct way to respond.

    I would describe this as two use cases for managing rent: “Using
    Rent Center to enter rent” and “Using invoices to enter rent”. I would not use
    the invoices if the Rent Center could deal with partial rent payments. Using
    the Rent Center shows the rent amount “grayed out” in the month column until
    the rent is entered. Using the Rent Center appears to be the use case the
    designers expected most people to use. Using the invoice use case provides a
    nice way to give statements etc. to tenants. It comes at the cost of a lot more
    setup time, clicking, clicking...

    It took me several hours of studying the
    directions given here along with trial and error to get this to work for me. Two
    main things confused me a bit. The first one was Business Tags & Property
    Tags. After I got it working I see additional information in my Tax Schedule
    report showing “business tag: property tag”. The invoices are missing in the
    Schedule E – Supplemental income and loss Report. Makes that report useless
    using the invoice method. The second confusing point (and most important) was
    getting the Category in the invoice set up correctly to get the Schedule E
    report to work.  NoCouth wrote: “The
    trick is to add a forward slash and the unit tag after the slash for each item.”
    It was not obvious to me that you could edit the category on the invoice item
    and add the / Apt+Apt 1. I have never seen a software pick list that allowed
    you to edit the selection after selecting it. I would highlight that to new
    users trying to do the same thing. I will need to spend more time to fully
    flush this out. I received a R6 software update in the middle of trying this.
    From what I've got through Quicken phone support since I wrote you that last reply, is that yes, Quicken Rental Property Mgr intends for us to use the Rental Property tab for all payments, BUT does not count on our tenants paying partial payments like ours do. I guess they assume that all tenants always pay on time, and in complete payments.
  • Hogeye
    Hogeye Member ✭✭
    edited January 2018
    Hey guys, good luck getting RPM invoicing to work for you. I've been tracking my rentals this way for years with fair success. Quicken has made no effort to improve the business/rental integration and don't expect they ever will so you are correct that most of the rental reports are useless when tracking partial payments, varying utility charges, etc.

    One important thing that makes the schedule E report work with invoices is to create a cash account (intermediary account) to transfer the invoice payments from the accounts receivable to. Customize your schedule E report to include the cash and accounts receivable accounts and you will get each invoice item listed individually with category and property tag. I believe I have my schedule E report to exclude internal transfers because transfers don't show the rental details.

    Also, do not use a tag for the invoice. Invoices are tied to business and won't accept property tags. Not important anyway since invoice items are already tagged and the Schedule E report will see that in your invoice payment in the cash account.
  • Unknown
    Unknown Member
    edited January 2018
    @Hogeye: Is it your understanding and experience that the Rent Center doesn’t work if we’re using the invoicing method? When I contact Quicken support, they direct me to Rental Property —> Rent Center to view how much my tenants have paid. But the only month showing are the invoiced amounts.
  • @Hogeye
    Did you and Nocouth ever write that ebook guide?
This discussion has been closed.