Q H&B Rental: Scheduled TXN for Rent should go in AR - Rents Recievable

I'm using Q H&B Rentals. When I setup the tenant's monthly rent, it set it up to automatically add the rent to my checking account. I dont want it to do that. I have an ACCOUNTS RECIEVABLE named Rents Recievable and it shiuld be added there. When I actually receive the payment, I'd debit the AR account and credit the Checking account.



You provide the ability to create an AR account. So why can't the Scheduled Txn create an entry there?

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited November 2018
    SO, just edit the transaction to point it to the Account that you want it to go to.

    Many, using H&B which acts the same way, have created an "Undeposited Checks" account, which functions the same way.  It's not hard.  Check out  Q HELP (F1) for how to record your rent receipts.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited November 2018
    From C. D. Bales:



    "When I setup the tenant's monthly rent, it set it up to automatically add the rent to my checking account".



    The Rent Reminder created when a Tenant is assigned to a Property allows the user to choose among any number of accounts ... as long as the accounts are "Banking" type accounts (checking, savings, cash). That's not an oversight or error on Quicken's part: it's intentional.



    Quicken assumes that its Rent Reminder is how you will enter rent income; and you can not enter rent income (or any "income") using an invoice payment. Invoice payments are "transfers" out of the invoice account (generally into a banking account) - such transactions are not "income": income is recorded in the invoice itself.



    If you are using invoices for your rental property (which not everyone does), all you need to do is record the rent payment in any Quicken Banking account, with a payee name exactly equal to the Customer Name used in the rental invoice (which should exactly equal the Tenant name), and a category of the Quicken invoice account in square brackets. When that transaction is recorded in your checking account (for example), it will create a payment (PMT) transaction in the invoice account.



    [You can not use the Quicken created Rent Reminder for this: delete that reminder in the Bill & Income Reminders List and create your own rent reminder using the above criteria.]



    Once the rent payment (the invoice payment) has been recorded, you can then go to the invoice account and apply the payment to the appropriate invoice. You can open the invoice (INVC) and choose "Receive Payments", or you can open the payment (PMT) and select the appropriate invoice, or you can just key the invoice number in the "Invoice#" column of the PMT transaction. When finished the payment will be assigned to the invoice.



    For a good description of the process for using invoices in conjunction with rental property, I suggest you read this: https://getsatisfaction.com/quickenco...
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
Sign In or Register to comment.