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how do I get the "business" and "rental" P&L to agree?

I have a rental property business.   I cannot get the two P&L screens to match.  the business p&L is missing the income portion--creating a large loss. the rental P&L is missing the expenses--creating a large profit---neither is correct.   I use a property manager, so my rent is collected and deposited via bank transaction.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    What version and year of Quicken are you using?

    I've never used the "business" or "rental" products but I have to believe that it's essentially personal Quicken with some "wizards" bolted on and maybe some Categories and/or Tags built in, all of which that refer to "rental" and/or "business" activities.  So my assumption here is that whatever Quicken product you might use it's still a database product that has information collected into "Categories", "Tags" and "Accounts."

    Any report in Quicken, even the predefined reports, can be modified and customized as to the Accounts, Categories and Tags are used within the report.  You do that by opening the report, clicking on the "Customize" gear wheel, and then modifying the Accounts, Categories and Tags that the report will use.  You can then save that customized report if you wish to use in the future.

    So your problem, it appears, is that the two reports - I'm assuming these are predefined reports of some sort - are not defined in the same way as to the Categories they display.  I'd suggest clicking on that customize icon, clicking the Categories tab, and looking to see what Categories - denoted with a check in the adjacent checkbox - are being used for each report. 
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Are all your rental business - related transactions properly categorized to Schedule E - categories and not a mix of Schedule C and E?
    I'm just guessing here ... someone with more experience using the Rental features would have to chime in here ...
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    From C. D. Bales:

    Not sure I understand the title of this discussion; but I can't think of any reason why the Business P&L should "agree" with the Rental Property P&L.

    Reports found at Reports > Business will only use "business transactions". A "business transaction" must have either a Schedule C tax line item assigned; or have NO tax line item assigned and have a "Business Tag" assigned. Business tags are created at Business > Manage Business Information > Add.

    Reports found at Reports > Rental Property will only use "rental property transactions". A "rental property transaction" must have either a Schedule E tax line item assigned; or have NO tax line item assigned and have a "Rental Property" tag assigned. Rental Property tags are created at Rental Property Rent Center > Properties & Tenants > Add property.

    Quicken user since Q1999. Currently using QW2017.
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