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

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?

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Answers

  • isthistexas
    isthistexas Member
    See the brief outline below. Essentially the only transaction that I see in my checking account is Owner Distribution. The income received and expenses deducted are all processed on the property managers side. The Reserve Amount is kept by the PropMgr for miscellaneous maintenance expenses. In my example a balance of $500 will be maintained each month. I do not have access to this account. As i digest your comments and think about how it works in the real world. It probably makes sense to create a dummy checking account to push all of the transactions through rather than adding transactions to my checking account since this is not where they are occurring. Then any balance that results should sync with the balance of this reserve account.

    Income Tenant Rent $2000
    Expense Management Fees $200
    Owner Distribution $1300

    Balance of Reserve account $500
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