Ihave been using Quicken for over ten years and recently acquired Quicken RentalProperty Manager 2019 to help me manage a 20 unit apartment house. After several month’s experience with thepackage, I believe the package would benefit from several enhancements. Specifically:
· Calculate late fees. The software should add the latefee to the amount owed instead of merely showing a flag that indicates the rentis late.
· Apply payments in accordance withlease rules. In severalunits the tenants don’t pay the amount due every month. Some get behind and make multiple partialpayments while others pay ahead when they have extra money. When a payment isreceived it should applied in the order below:
o Amounts due from prior month(s)
o Late fees
o Current month rent
o Future rent by month
Currently,I have to allocate monies received manually.
· Report payments by unit by month. In the example above, it would be really helpful to be able to generatea report for each unit that shows the date each payment was received and theway the funds were applied.
· Group payments to match bankdeposits. I collect 12-15 checks right after the firstof the month. Rather than makingindividual deposits, it is easier to make a single deposit into a checkingaccount and use tags to track the apartment that made the payment. This is straightforward with regular Quickenbut not possible if the rents are entered through the rental propertycomponent. As I understand it, that partof Quicken requires each rental payment to be entered separately and does notallow them to be grouped into a single bank deposit. Clearly, one of the advantages of Quicken isthe ability to track all monies deposited in the bank and all paymentsmade.
· Show more than 4 files. I have more than four entities, each with its own bank and or brokerageaccount. It would save time if more than four Quicken files were displayed atthe bottom of the File tab. Ideally,each user would be able to determine the number of Quicken files to display
· Eliminate the plus sign in apartmentnames. RentalProperty Manager puts a plus sign between the apartment name and the apartmentnumber. This makes data entry more timeconsuming when using regular Quicken to enter rents. Please make it simpler butusing an apartment name with a unit number with no plus sign.
I seefrom your signature that you are very active on the Quicken forum. Thanks for taking an interest in thistopic. I moved from Quicken Business toRental Property Manager a year ago as a tool to manage a 20 unit apartment building.
Afterexperimenting for a while, I found so many limitations in the Rental Property portionof the tool that I stopped using it. Currently,I use the regular Quicken only but it does really support my propertymanagement needs.
Inanswer to your questions.
1. Atthe simple level there would be a single late fee of X dollars after Y dayswhere X and Y would be established by the user. It would be better to establish this individual apartment rather thanfor an entire building to allow for one fee for a small apartment and a higher feefor a larger apartment.
So ifthe rent was due on the first of the month with a 5 day grace period and a $25late fee, if the rent is not deposited by the 6th of the month,Quicken would automatically generate a $25 late fee. Clearly, there would have to be the capabilityfor the landlord to void the late fee at management discretion.
Thisis a fairly straight forward calculation based on a rule and a date. I could build it in Excel but that defeatsthe purpose of having a rental property tool.
2.Most leases specify that rents are applied to the oldest outstanding amountsdue first. In most leases and thereforein most rental property software, rents are applied in the following order:
o Late fees
o Current month rent
o Future rent by month
If a property manager doesn’t want this, it would be simple toturn off the feature and do what Quicken does now and accept rent as it is receivedwithout allocating a payment in a particular order.
3. Payment by month is currently available through the regular Quickenfunctionality. To get it, tag each paymentby unit and report on payments by tag. That will give payment by month. I had hoped that the Rental Propertyportion of Quicken would provide a more robust functionality such as showing foran individual apartment both:
o Thedate each payments was received
o Theway each payment was applied (see point 2)
While it is reasonably straightforward to accomplish this inQuicken, it requires creating two reports and then pasting them into a singledocument to give to a tenant.
4. Thanks for the suggestion on “undeposited fund.” I searched the forum and talked to the peopleon the help desk but have not found anything that helps. Depositing multiple checks on a singledeposit slip is easy with regular Quicken. However, I cannot figure out how to do it through the rental propertyportion of Quicken. Creating a paymentin Rental Property allows only a single payment for an apartment.
If I am missing something and you have a wayto make it work, I would very much appreciate a direct link or conversation
5. Show more than 4 files. This is probably easy and wouldimprove my user experience since I regularly use more than four files.
6. This is an ease of use feature. While it is not hard to add a plus sign itdoes require holding down the shift key every time I enter a rent or a latefee. While not difficult, it requires several extra key strokes.