Tracking Rent Income for rental payments made via PayPal

judy1026

Windows 10/Quicken Home Business & Rental 2019

I have been having a difficult time figuring out how to categorize monthly rental payments made via PayPal.  I have PayPal set up as a bank account using one step update to update it. I have been transferring the payment to the Rental's bank account so the category is showing [Rental Acct] in PayPal register and [PayPal Account] in the register for the Rental bank account.  I thought that was working but none of those payments are showing up in the Schedule E report even though I have them "tagged" correctly with the rental property's tag.  Is the only solution to just not track these as transfers in PayPal?

Tom Young

I don't use the rental version of Quicken so this is a complete shot in the dark.

If PayPal is set up as a checking Account in Quicken, it's the deposit into that Account that should trigger the proper accounting entry, namely:

Debit (increase) PayPal Checking Account     $XXX

Credit (increase) Rental Income Category       $XXX

The subsequent transfer of money from PayPal to [Rental Acct] - I assume that's your "real" checking Account - wouldn't trigger any sort of "income" event as it's a simple movement of money from one pocket to another.  Perhaps you're expecting that this transfer would somehow show up on Schedule E?  It shouldn't.

Tom Young

I don't use the rental version of Quicken so this is a complete shot in the dark.

If PayPal is set up as a checking Account in Quicken, it's the deposit into that Account that should trigger the proper accounting entry, namely:

Debit (increase) PayPal Checking Account     $XXX

Credit (increase) Rental Income Category       $XXX

The subsequent transfer of money from PayPal to [Rental Acct] - I assume that's your "real" checking Account - wouldn't trigger any sort of "income" event as it's a simple movement of money from one pocket to another.  Perhaps you're expecting that this transfer would somehow show up on Schedule E?  It shouldn't.