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Undeposited Rent

Spotteddog

Hello,

QHBR 2019 R16,14, Win 10 1809

I have all my rents received in my "undeposited rents" account. Can't find a way to move them to my checking account. If I did each one separately, I could do that, but that is not the case

I make several deposits over the month with multiple checks in each deposit. How do I combine several checks from the Undeposited rent account to match my bank deposits?

Thanks

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Spotteddog

No rental property owners who can help me out?

volvogirl

The point of the Undeposited Checks account is so then when you make the deposit you only need to enter the amount of the total deposit into your checking account as a Transfer to the Undeposited Checks account to clear it out.

Edited: Spell check changed Undeposited to Desposited.

UKR

Hope this makes the process a little easier to understand ...

- When you are ready to go to the bank and deposit all your checks, tally up all checks on your bank deposit slip. In Quicken, in
the "Undeposited Checks" account make a transfer transaction
"Daily Deposits" in the amount of your deposit slip. Put the amount
into the Payment column. As category choose your checking account, surrounded
by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the
balance in the "Undeposited Checks" account back to zero (or you have
made a mistake somewhere along the way).

Undeposited Checks Register

12/14/2018  Daily Deposits   [ABC Bank Checking]   1234.56

Spotteddog

I understand what volvogirl and UKR are saying and I know that would work under those conditions. Thanks.

My problem is different.
Example:
I get 3 checks Monday for rent. Say $500 each. The deposit would be $1500. How do I match the $1500 (deposit) to the 3 tenants whose checks are in Undeposited Rent? It's 3 different amounts added together for the one deposit. I could transfer each rent separately to my checking account, but that wouldn't match the deposit and would not reconcile.

Then the following Friday, I get 4 checks for $500 each and deposit $2000. And so on for the rest of the month.

I have another question I was going to ask separately, but I'll stick it in here.
A tenant only pays $250 of his $500 rent. I deposit that. 2 weeks later he pays the balance ($250). How do I handle that?
How do I enter that under "Enter Rent" drop-down?

Thanks

NotACPA

The very 1st step of this process it to record each check as a payment against each property/unit. How to do that is covered in Q HELP.

You direct these checks NOT to your bank account, but rather to your Undeposited Checks account.

Then, you make the single deposit ($1500 in your example) into the bank account.

It sounds like you might be recording the income directly into the Undeposited checks account, and skipping that 1st step.

Spotteddog

It seems I cannot clearly explain what I want to do. I am truly sorry.
I thought the way I make rent bank deposits was the way everyone did it. It seems the only way to do this is hold all the checks until the end of the month and then make one big deposit? I can't do that.

Yes. I am doing step #1.
I enter rent paid from each tenant via the "Enter Rent" drop down. That puts (directs) their rent into the "Undeposited Rent" Account. That works fine. No Problems.

Are you saying after I put the rents in "Undeposited Rent", I have to move it again to an account called "Undeposited Checks", then move it from there to my checking account? Seems like I'd still have the same outcome.

How do I get rent payments sitting in "Undeposited Rent" into my bank account with multiple deposits throughout the month, so the total matches my deposit slip and still remove the tenants from Undeposited Rent account?

As I said, I add several checks together in one deposit several times per month.
I thought when I finally got to this point, I could use the "split" function, but that doesn't work either.
Is that any clearer? If I can't get this to work, I just can't use the rental property module. I'm sure there is a work around?

Thanks

NotACPA

NO. Sorry about that, when I was typing I forgot what you called the account.

AND, if you're depositing the checks one at a time, there's no need for ANY "Undeposited ..." account. You can show them as going directly into your bank account (as long as you're prompt about depositing them".

The "Undeposited" route is for times when you have multiple checks on a single deposit.

Try my step by step process (with the account name corrected). The linkage between the payment and the tenant is in the RENTAL account ... not in the bank account. If you want the tenants names incorporated on the deposit transaction, you'll have to use a split on the deposit, and record each tenant on the Memo field of the respective split lines.

volvogirl

Undeposited Rent would be the same as Undeposited Checks just using a different name. So don't get hung up on what you called the Undeposited account.

So it should be working fine the way you have it. When you actually make a deposit to your checking account it is just for the total of the checks you are depositing. Just one entry not split. It will be just a transfer to the Undeposited Rent account to clear out those checks.

volvogirl

Here is my Undeposited Checks account for my husband's survey business. I enter each check individually and then he makes a deposit for the total to his Wells Fargo checking account.

volvogirl

Sorry you can't match the deposit to the actual checks. You are just clearing out the amount from the Undeposited Rents accounts. If you make and enter the deposit before you enter any new rent checks then your account register should zero out after each deposit like mine shows a zero balance.

volvogirl

The balance in the Undeposited Rent account should always equal the checks you have in your desk drawer waiting to be deposited.

Spotteddog

NotACPA,

I said, as a comment, that to make this work the way Quicken rental is setup, I would have to deposit each check separately. I would never, ever deposit one check at a time.

What can I say. It seems that I am still not understood. I don't think this is a complicated problem. I'm sure there must be a way to do this.

1. I receive many rental checks throughout the month.
2. I go to the "Enter Rent" drop-down and enter each rent payment to the corresponding tenant which gets directed to my "Undeposited Rent" account.
3. I now have my rent payments held in "Undeposited Rent" account.
4. I write out a deposit ticket for several of the rent payments with a "Total" deposit (not each check separately).
5. I take those checks and the deposit ticket to the bank and make the deposit.
6. My bank account transaction shows one "Total" deposit (not each check separately).
7. Meanwhile, when I go home, all the payments listed in my "Undeposited Rents" are still there (of course, because I didn't move them anywhere).
8. Now. What do I do with the rental payments still listed in my "Undeposited Rents" account? How do I clear out "Undeposited Rent"?

Spotteddog

Volvogirl,

"Sorry you can't match the deposit to the actual checks."

I never asked or wanted to match EACH check to the deposit. My depsit transaction shows a total for all the checks I deposit. This is what I would expect and assume. No problem with that.
All I want to do is:
When I make a total deposit, how do I clear out the "Undeposited Rent" accounts to be zero after everything for the month has been deposited?

NotACPA

You Step 8 should be to record a TRANSFER from the Undeposited account to you bank account. That TRANSFER deposit should be for the total amount of the checks you deposited ... i.e., for the amount of the actual deposit.

When this is done, the amount of the Undeposited account will go to $0 ... because you deposited multiple checks (totaling $1500 in you earlier example) and recorded a single transfer out to your bank account for that same amount. IF you record this transfer before you download from the bank, then the downloaded transaction will match the Transfer that you recorded.

It's really very simple. BTW, this process was adopted from the manner in which QuickBooks handles business deposits. The only real difference is that QB sets up the Undeposited account automatically, and directs those individual rent receipts to that account automatically.

NotACPA

IF you need each tenants name/info on that Deposit transfer, you'll need to split the Deposit transaction in the bank account and manually input that info.

Which would REALLY be a waste of time since you can already track the tenant's payment (recorded in your step 2), to the Undeposited account and from there to your bank account (step 8)

volvogirl

We've explained that. It will automatically be cleared out when you make the deposit. Look at my screen shot. Mine goes to zero. Read my posts again.

Spotteddog

NotACPA and volvogirl,

THANK YOU, THANK YOU, THANK YOU!

You are right. It is very easy. This is my first full month of using QHBR. I've used spreadsheets for my rentals for the last 25 years.
I saw I could do it manually (like you explained). I just though there was some "automatic" way Quicken did this that I didn't know about.
Thanks.

mshiggins

From C. D. Bales:

"How do I match the $1500 (deposit) to the 3 tenants whose checks are in Undeposited Rent?".

There is no need to do that. Each individual tenant's rent was (should have been) recorded correctly in Quicken when the three separate deposit transactions were entered in the Undeposited Rent account. Those three deposits should be reflected for each tenant in the Quicken Rent Center. Transferring the funds from the undeposited rent account to the checking account should have no effect on those tenant's rent status.

"A tenant only pays $250 of his $500 rent. I deposit that. 2 weeks later he pays the balance ($250). ... How do I enter that under "Enter Rent" drop-down?".

You don't, if you use the Quicken-created Rent Reminder to enter your rent.

But you do not need to - and would probably be better off if you did not - use the Quicken-created Rent Reminder.

Delete the Quicken-created Rent Reminder from Tools > Manage Bill & Income Reminders.

Manually create your own Rent Reminder (in the same Manage Bill & Income Reminders):

- Payee name should be exactly equal to Tenant name

- Date is typically the first day of the lease period

- Frequency should match the Property lease terms

- Category should be a valid Rental Income category (with a Schedule E rent income tax line assigned)

- Tag should be the Property Tag for the property the Tenant is assiged to

- Amount should equal the rent amount

- Account to use (for you) should be "Undeposited Rent"

Enter the rent by clicking the "Enter" button in the Rent Amount column for the appropriate Property/Tenant in the Rent Center.

If/when you need to alter any of the Rent Reminder fields (such as date or amount) for a particular situation, just modify them during the Enter reminder process.

Spotteddog

Thanks

mshiggins

From C. D. Bales:

Some additional info:

You can/should use the Rent Reminder for the first/only rent payment for a given period. But if you receive multiple payments from the same tenant for a single period, you should only use the Rent Reminder for the first of those payments.

When you get any rent payment after the first payment (from the same tenant for the same period):

- go to the Quicken account where you record the rent payments (your "Undeposited Rent" account)

- right-click the tenant's first payment for the period

- left-click "Copy transaction(s)"

- right-click in the register "new transaction" row

- left-click "Paste transaction(s)"

- modify the Pasted transaction to have the correct date (and amount, if necessary), then Save the transaction

Spotteddog

Thanks mshiggins