Where to log transactions for a Property Manager without a linked account?

isthistexas

Hello all,

I'm a fairly new user and am also a fairly new landlord. I'm using Quicken Premier Windows (not Home & Business). I contracted with a property management firm to handle tenant related items and am receiving a paper statement each month. I want to track all of the various transactions (income & expense & reserve bank account). What is the best practice to log transactions that are not linked to an existing account? Should i create a cash or checking account to serve as a proxy?

Tom Young

"What is the best practice to log transactions that are not linked to an existing account?"

I'm not sure I'm following along with you.  I'd think that you would be receiving checks, checks that are reduced by the property management firm's fee and current expenses, and I'm not exactly sure what a "reserve bank account" is referring to.

If you're not receiving checks because, maybe, the "excess" cash is being deposited into a "reserve bank account" controlled by the property manager, I'd say that money is still "yours" and I don't see why it wouldn't be appropriate to set up that bank Account in Quicken.  If all the income, and expenses flow through that account then that's where you'd capture your information.  If some sort of actual check comes to you out of that account that would be accounted for as a transfer between the reserve bank Account and your regular checking Account.

Maybe you could add some information here about how things really work or how you expect them to work.  It's difficult to provide accounting suggestions without knowing, at a fairly granular level, how things work "in real life."