Rental Property Deposits Split Transactions

unknown

I am new to Quicken Rental Property.  I've setup my properties, tenants and recorded rent for the current month.  I've deposited rents with my bank as a single deposit which I split out each transaction within the line item in Quicken, however, I cannot verify the rent collected against this split transaction since I was told that's the program is unable to handle it.  How is anyone else handling splitting deposits and tying that back to each rent collected record?  This seems like a serious limitation to me so hopefully I am just overlooking something.

UKR

For deposits to be correctly recorded in H&B or RPM you need to record the individual payment that you received. The split dialog on your checking account doesn't do that properly.

The best way to record rent received is by doing so directly within the Rent feature. However, instead or depositing the check or cash received to the checking account, use an intermediate account instead.

Intermediate deposit account for H&B or RPM:

When you receive
multiple payments by check per day but only make one summary deposit to your
bank ...

- Create a cash (or
manual checking [*]) account, named something like "Checks to
Deposit" with an Opening Balance of $0.00

- When filling out
the New Customer Payment form (H&B) or appropriate rent dialog, deposit the check to "Checks to
Deposit" instead of your regular bank checking account.

- At the end of the
day, tally up all checks on your deposit slip. In Quicken, in the "Checks
to Deposit" account make a transfer transaction "Daily Deposits"
in the amount of your deposit slip. Put the amount into the Payment column. As
category choose your checking account, surrounded by [square brackets], e.g.
[ABC Bank Checking]. Verify that this reduces the balance in the "Checks
to Deposit" account back to zero (or you have made a mistake somewhere
along the way).



[*] During the Add Account dialog, choose a checking account and, on the next
screen, click on the words "Advanced Setup" then finally choose
"I want to enter transactions manually".