How to change from monthly to 2-3 times per year for rental income?

rperrine46@

I have 2 farms for rent and one pays rent 2 times a year and the other farms pays 3 times per year.  How do I work with that??

GeoffG

Glad to help. Come back as often as needed and posts your questions. Someone will always be willing to help out.

Quicken is very versatile, but at the same time can be daunting to learn and understand.

mshiggins

From C. D. Bales:

"I have 2 farms for rent and one pays rent 2 times a year and the other farms pays 3 times per year."

Based on that limited information, the Quicken Rent Center should be able to handle the twice a year rental with a six month lease. But there is no four month lease available via the Rent Center, so I don't believe the Rent Center will be able to accurately track your rent for that property. 

I would select a six month lease for the twice a year property, and "Other" for the "3 times a year" property. Lease info is found on the Terms and Agreement tab in the Add, or Edit, Tenant dialogs.

Since the rent Reminders generated by Quicken when a tenant is assigned to a property in the Rent Center are problematic, I think your best bet is to delete both of the rent Reminders created by Quicken and create your rent Reminders directly at Tools > Manage Bill & Income Reminders.

The rent Reminders you create should have certain characteristics:

- The rent Reminder should have the correct period with an appropriate "Due Next On" date.

- The Reminder Payee name should be the same as the Tenant name created in the Rent Center.

- The Reminder category should be a rental property rent income category; it should have a Schedule E income tax line item assigned.

- The Reminder tag should be the Quicken Property Tag for the property created in the Rent Center.

- The Reminder amount should be the rent amount specified in the Rent Center.

When properly constructed, a manually created Rent Reminder can be entered in the Rent Center by selecting the appropriate Property and clicking on the Enter button to the right of the Rent Amount.

GeoffG

Quicken can handle nearly any time frame desired, but the answer depends on where specifically you are looking, budgets, reminders?

rperrine46@

As I am new to Quicken Rental I guess I may not be sure where I need it but am working in "edit rental property tenant"

GeoffG

OK, we'll address Income Reminders for now so you can see the ancticipated income at the expected time. Select Bills>Add Bills>Income Reminder, then add the name. The dates can be set however you need. For twice per year, see the example below.

rperrine46@

When I click on "add bill" that what I get is "add a new bill" I don't get the "income reminder"

GeoffG

You need to select add manual bill. The next screen should present you with the option to select the payee name. From there you select income.

rperrine46@

I do not get the "income" option only "bill Payment"

GeoffG

I do not use H&B (your version), but Quicken shares the same fundamental menu structure. If you do not get to income reminder from the below screenshot, then someone with H&B should be able to direct you.

NotACPA

I DO run H&B ... and when I click BILL, Add Reminder ... I get exactly the same menu option as GeoffG shows in his graphic.

By any chance are you running Q Canada ... which MIGHT have different menus?

rperrine46@

I have Business & Rental Property version.  I have found the income reminder as listed
Bills & Income
Add
Income Reminder

Now I need to have a 3 payments a year for my second farm and only have 2 payments per year.  Any help with that??

rperrine46@

Sorry I missed a step after Bills & Income should be Income & Transfers then Add then Income Reminder

GeoffG

"Now I need to have a 3 payments a year for my second farm and only have 2 payments per year.  Any help with that?? "

rperrine46@

I have the "How Often" box  but need 3 payments per year.

GeoffG

Three payments per year would occur every 4 months as the screenshot shows. If your payments will not be at regular intervals, create 3 separate income reminders.

rperrine46@

I will have to create 3 separate income remincers.
I want tho THANK YOU for your help you have given me today.
THANK YOU

GeoffG

Glad to help. Come back as often as needed and posts your questions. Someone will always be willing to help out.

Quicken is very versatile, but at the same time can be daunting to learn and understand.

mshiggins

From C. D. Bales:

"I have 2 farms for rent and one pays rent 2 times a year and the other farms pays 3 times per year."

Based on that limited information, the Quicken Rent Center should be able to handle the twice a year rental with a six month lease. But there is no four month lease available via the Rent Center, so I don't believe the Rent Center will be able to accurately track your rent for that property. 

I would select a six month lease for the twice a year property, and "Other" for the "3 times a year" property. Lease info is found on the Terms and Agreement tab in the Add, or Edit, Tenant dialogs.

Since the rent Reminders generated by Quicken when a tenant is assigned to a property in the Rent Center are problematic, I think your best bet is to delete both of the rent Reminders created by Quicken and create your rent Reminders directly at Tools > Manage Bill & Income Reminders.

The rent Reminders you create should have certain characteristics:

- The rent Reminder should have the correct period with an appropriate "Due Next On" date.

- The Reminder Payee name should be the same as the Tenant name created in the Rent Center.

- The Reminder category should be a rental property rent income category; it should have a Schedule E income tax line item assigned.

- The Reminder tag should be the Quicken Property Tag for the property created in the Rent Center.

- The Reminder amount should be the rent amount specified in the Rent Center.

When properly constructed, a manually created Rent Reminder can be entered in the Rent Center by selecting the appropriate Property and clicking on the Enter button to the right of the Rent Amount.