how to enter assets and liabilities
tommylittl22
Quicken Windows Subscription Member
1st rental duplex. closed 17 Jan. Rec. 1 check for rent, security dep, and misc. rep. how to enter and create the income and expenses without doubling
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What version of Quicken are you using? Starter, Deluxe, Premier, Home & Business? As I understand it the H&B version has specific "rental" wizards and, I'd think, customized Tabs and/or Categories and maybe even Accounts for rental activity. So the answer to the "how to" question depends on the version.Not sure what you're referring with your "without doubling" statement.0
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Quicken home and business and rental property. 2020. I received one check at closing that contained prorated rent, security deposit, and money to complete repairs on rental. I created the property in rental portion of quicken. I entered the rents and the security deposits in the rental portion.the rents transferred to the checking account in quicken that I associated with the rental property. The security deposit appeared in a new liability account that quicken created. But how do I enter the single check deposit into my checking account without doubling the rent received?0
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You originate the check in the checking Account, for the full amount. Let's say the total was $5,000 split as partial rent $1,000, security deposit $1,500, repairs $2,500.The accounting would be along the lines of:Debit (increase) [Bank Account] $5,000 (check deposited)Credit (increase) Rental Income Category $1,000 (rental income)Credit (increase) [Security Deposit Account] $1,500 (liability/deferred revenue)Credit (decrease) [Rental Property Account] $2,500 (cost of property)That gets the check properly reflected in your bank Account and splits out the pieces appropriately.(You may want to talk to a CPA familiar with rental activity. While the entries of the security deposit and repairs probably reflect the correct accounting for GAAP purposes, the tax rules can be different in this area, depending on the situation, so you need to decide which set of accounting rules - GAAP or Statutory Accounting (IRS) - you want to use here.)0
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I tried doing exactly this but I could not get the rents received to appear in the rental section. The only difference I can tell in the bank register split transaction and the one that originates in the rental section. Is the payee, which doesn't make show in the rental section0
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Unfortunately I have no experience with the H&B version so I'm not sure I can help. When you say " I could not get the rents received to appear in the rental section", what exactly does that mean? Is that some report, a new tab in the Quicken program, or something else?I'll ask if somebody else who actually uses the H&B version can step in here.0
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Think I have it solved. I entered rents in the rental section, and Security deposit in the rental section(which created Liability account named security deposit) Then in the business account that received the rents I created a deposit equal to the total amount of check minus the rent payments. So in my business account I had two transactions covering one deposit. Then when I downloaded the transactions from my bank, I manually matched the two transactions to the one deposit and quicken combined the two transaction into one. So I now have the rent payment transaction in both rental section and the business account section. without doubling the rent transaction. quicken accomplished automatically what I could not do manually. Clear as mud?0
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Distinctly weird. If that's really the only way to do this then Quicken certainly has dropped the ball. It's simply a single "split" transaction into the checking Account and I see no need to back into the correct answer.I'll see if some SU that actually uses the H&B product - I think there's one or two around - can explain what's going on here.1
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