FAQ: Add Security Deposit for Rental/Tenant

Unknown

I am new to quicken 2017 Rental and I am finding it hard to add 1) security deposit, 2) pet deposit & 3) other fees when first taking on a tenant - Can anyone help with this?

(edited for readability)

mshiggins

[removed]

Quicken has no built-in mechanism for handling the sort of detail you specify.

There is a place to enter a single "Security Deposit" amount in the Add (or Edit) Rental Property Tenant dialog.

The first time you record an amount in a Rental Property Tenant dialog for "Security deposit collected", Quicken will automatically create the "*Security Deposit Liability*" account and deposit that amount in the new liability account.

All security deposits "collected" and "returned" via the Rental Property Tenant dialog will be deposited to, or removed from, the *Security Deposit Liability* account.

Once a security deposit transaction has been recorded in the *Security Deposit Liability* account, you can modify the transaction in that account and split it among whatever categories/accounts you wish - realizing that you do not want to change the net amount of the original transaction - and realizing that Quicken will provide you no help when it comes time to refund those deposits. You could also just create separate transfer transactions to transfer the non-Security Deposit amounts to other liability accounts.

Alternatively, you could also avoid the Security Deposit tab in the Rental Property Tenant dialog altogether and just create all your own Security Deposit liability accounts and transfer the deposit amounts to their respective liability accounts by splitting the initial tenant payment transaction - then basically reversing the process in the check you write to refund the deposits.

(edited for readability)

mshiggins

Have you tried the in program Help?

NotACPA

Those would be posted to a Liability account of your creation.  Beyond that, follow mshiggins' advice

mshiggins

[removed]

Quicken has no built-in mechanism for handling the sort of detail you specify.

There is a place to enter a single "Security Deposit" amount in the Add (or Edit) Rental Property Tenant dialog.

The first time you record an amount in a Rental Property Tenant dialog for "Security deposit collected", Quicken will automatically create the "*Security Deposit Liability*" account and deposit that amount in the new liability account.

All security deposits "collected" and "returned" via the Rental Property Tenant dialog will be deposited to, or removed from, the *Security Deposit Liability* account.

Once a security deposit transaction has been recorded in the *Security Deposit Liability* account, you can modify the transaction in that account and split it among whatever categories/accounts you wish - realizing that you do not want to change the net amount of the original transaction - and realizing that Quicken will provide you no help when it comes time to refund those deposits. You could also just create separate transfer transactions to transfer the non-Security Deposit amounts to other liability accounts.

Alternatively, you could also avoid the Security Deposit tab in the Rental Property Tenant dialog altogether and just create all your own Security Deposit liability accounts and transfer the deposit amounts to their respective liability accounts by splitting the initial tenant payment transaction - then basically reversing the process in the check you write to refund the deposits.

(edited for readability)