How/where to entry cash for Rental Property Security Deposit
edited October 2018 in Business and Rental Property Tools (Windows)
I have 2018 Quicken Home, Business, and Rental Property. I know how to enter security deposits in the *Security Deposit Liability* account. But the actual check for the security deposit was deposited in the checking account for my rentals. How do I show this? Do I need to manually create another transaction showing this deposit to my checking account? Seems like this should happen automatically with the software. After all, the liability associated with the deposit is balanced by the tenant's check!
mshiggins SuperUser ✭✭✭✭✭From C. D. Bales:
At the end of the day, you want the security deposit in the checking account to be a transfer to the security deposit liability account.
If you record the security deposit in the Rent Center first, you can then go to the Security Deposit liability account and change the security deposit category to be a transfer from the checking account.
If you record the checking account deposit first, you just have to do a little more work to end up in the same place.Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0
Unknown MemberThank you, I agree this makes sense. But I was thinking that when you record the security deposit in the Rent Center, the software should ask where you put the money and record it there without having to manually change the security deposit category.0
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