Quicke 2017 R & P Windows- I had a tenant that did work in my building. They gave me check for wor

Deposits as non income in Rental property

Comments

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited July 2018
    Why would a tenant who did work FOR YOU give you a check?  Seems like any checks "for work done" would go the other way, either as payment for their labor or reimbursement for materials. 

    Why did the tenet give you a check, and for what? 

    Not every check you receive associated with a check handed to you buy a tenet is necessarily "rental income", it could be a reimbursement of a cost YOU incurred for something on behalf of a tenant.  If that's the case then the deposit would be entered as a reduction of the cost you incurred, an offset against whatever Account or Category you used when you incurred the cost.
  • Unknown
    Unknown Member
    edited July 2018
    If you make a deposit into a rental account that isn't related to the property simply write a check from that rental account to your personal account to zero the account.
  • Annette C Hammond
    Annette C Hammond Member ✭✭
    edited October 2018

    I received a check for $300,000.  for what my boss calls billed out for construction work done by the tenant.
       I entered it as a deposit in my business account, but do not know how to categorize it. The boss does not know quicken so he cannot answer. 
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited August 2018


    I received a check for $300,000.  for what my boss calls billed out for construction work done by the tenant.
       I entered it as a deposit in my business account, but do not know how to categorize it. The boss does not know quicken so he cannot answer. 

    Annette,
    As Tom Young explained a month  ago, the statements that you're making don't make sense to us.

    WHO wrote that check?  WHO is the check made out to?  WHY would the tenant pay YOU for work done BY the tenant?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    edited August 2018


    I received a check for $300,000.  for what my boss calls billed out for construction work done by the tenant.
       I entered it as a deposit in my business account, but do not know how to categorize it. The boss does not know quicken so he cannot answer. 

    And what does your “boss” have to do with it?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited August 2018


    I received a check for $300,000.  for what my boss calls billed out for construction work done by the tenant.
       I entered it as a deposit in my business account, but do not know how to categorize it. The boss does not know quicken so he cannot answer. 

    And what does your “boss” have to do with it?
    Annette,
    Are you the bookkeeper for a Rental Property company?  IF SO, Quickbooks is, probably, a better product for your needs.

    Quicken Rental Property is intended for individuals who own rental property.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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