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Questions about using Quicken for Property Management

Hello,
I am considering to use quicken to manage some rental units. I had the following questions. If someone can please answer, I would very much appreciate it.
1) Expenses that are on automatic payment from the bank, the expense automatically gets recorded by Quicken. Is there a way to tell quicken which property the expense Is for?
2) If I make an online property tax payment thru the government's website. How soon will Quicken see the payment so that I can properly categorize the payment?
2) How does accounting work for a two-family house? For example, the property taxes are for both units, and some other expenses such as a specific repair might be for one unit.
3) Sometimes an expense might be paid from a personal account or credit card rather than the operating account or credit card. I have been using excel till now. The person that programmed the excel sheet had it programmed that the expense can be entered with a designation as being paid from ‘external’. Then, when that expense is repaid from the operating account to the personal account it is designated as ‘loan repayment’. That way the original payment is recorded, and the loan repayment is recorded, but it is programmed not to be added to the total twice. Is it possible to do this on Quicken? Is there anything on Quicken that accommodates this?
4) Sometimes an investor makes a capital contribution to the operating account. Is there something in Quicken that can record this?
Thank you so much.

Comments

  • Quicken DianaQuicken Diana Moderator, Employee mod

    Hello @ Masmid1

    Thank you for reaching out in the Community, I am happy to answer your questions about the Rental Property features in Quicken.

    1)    Expenses that are on automatic payment from the bank, the expense automatically gets recorded by Quicken. Is there a way to tell quicken which property the expense Is for?
    - When you see the transaction appear in your bank account register you will be able to assign a category, which can be customized to show which property that expense belongs to.

    2)    If I make an online property tax payment thru the government's website. How soon will Quicken see the payment so that I can properly categorize the payment?
    - Quicken will only download transactions from your financial institution that are cleared. So as soon as it clears through the bank, Quicken will be able to download it. 

    3)    How does accounting work for a two-family house? For example, the property taxes are for both units, and some other expenses such as a specific repair might be for one unit.
    - This situation is extremely customizable. In the Rental Property tab, you can set up a rental property and further, set up individual tenets within that property. Expenses such as property tax can be assigned to the property, while repairs can be assigned to the individual unit.

    4)    Sometimes an expense might be paid from a personal account or credit card rather than the operating account or credit card. I have been using excel till now. The person that programmed the excel sheet had it programmed that the expense can be entered with a designation as being paid from ‘external’. Then, when that expense is repaid from the operating account to the personal account it is designated as ‘loan repayment’. That way the original payment is recorded, and the loan repayment is recorded, but it is programmed not to be added to the total twice. Is it possible to do this on Quicken? Is there anything on Quicken that accommodates this?
    - When quicken sees that a payment is made from one account to another it will be labeled as a TRANSFER and will not cause the net worth of the accounts to be incorrect. When the expense is paid from the “personal account or credit card” there will be a deduction. When the amount is “repaid from the operating account” there will be a TRANSFER from one account to the other.

    5)    Sometimes an investor makes a capital contribution to the operating account. Is there something in Quicken that can record this?

    - I may need additional information to properly answer this question. Any “contributions” or deposits will be downloaded from the financial institution. They can then be categorized accordingly for tracking and report purposes. Is there a specific way you would like this type of transaction to be tracked?

    I hope this was helpful

    Thank you 
    - Quicken Diana 
This discussion has been closed.