Old Business / New Software

Unknown

I have a 40 yr old rental property business and I recently purchased 2018 Quicken for Rental Property. When setting up tenants and lease dates, if I put the original lease date (could be in some cases 30 yrs ago) would I have to then post rent payments for all years, or is there a work around for using just 2018 data.

Unknown

I believe Quicken will only keep track of rents, other income or expenses from the date you start posting.  You could start in October and have a partial year accounting at the end of the year.  Or if you wanted to take the time, you could rebuild your income and expenses going back to the 1st of the year for a complete year-end accounting.  The "Lease Date" is just for record keeping.

Unknown

Well that stinks. I was hoping to recreate 2018 as a whole. Im almost thinking of finishing 2018, and then kick the ground running 2019 with the software. What a downer and wasted 2 months of my membership.

mshiggins

From C. D. Bales:



" ... if I put the original lease date (could be in some cases 30 yrs ago) would I have to then post rent payments for all years ....".



Not sure I understand.



Surely you're not saying that you have a tenant that signed a 30 lease.



I suggest you use the most recent lease date for each property. And if the lease starts before the earliest date of any rental property transactions you wish to enter, I'd say: plan to enter earlier history, accept that there may appear to be missing data, or fudge the first lease date you enter to correspond to the earliest rent transaction you intend to enter.



I think the only thing you stand to "lose" is historical data, which your post suggests you are already content to do.



In any event, Quicken does not care how far back you record the data. If you look at Rental Property > Rent Center, you'll see that Quicken will not show any history there earlier than "last year".



You might want to consider deleting the rent payment Reminder that Quicken creates when you assign a Tenant to a Property. Those reminders are problematic at best. I think you'll be better off creating your own Rent Reminder for each tenant. Rent reminder to include:


_ Payee name exactly the same as Tenant name


_ Income category with a Schedule E tax line item assigned


_ Rental Property Tag (created during the addition of the property)