How to allocate payment to tenant

Question

My tenants make payments using PayPal or Venmo. And in particular nowadays, payments may be delayed.

I manually set these payments in the register to the correct Property and category as Rental Income: Rent Received (with correct Schedule E). But Quicken leaves the Payee as Venmo, and is NOT allocating this payment to my tenant.

I assume a tenant would automatically show up as a Payee (either in the Memorized Payee list, or internally because I set them up as a tenant in the Rent Center). But if I try to manually enter the tenant's name in the Payee field of the transaction, it does NOT find them.

Is there something else I need to do to set them up as a Payee, other than enter them in the Rent Center?

volvogirl · Answer

Will this help?What you need to use is an intermediate holding account. Set up an account and call it something like Checks Received or Undeposited Payments. Then enter the payments into it. Then when you make the deposit to your bank account you transfer the total deposit amount to the new account. That way when you download your bank transactions the deposit will match.

rgrindley · Answer

The transactions are downloaded into Quicken from online bank account. Once the transactions are in the register, then I have to manually edit them to set Category and Property. I just cannot set Payee. Category is standard Rental Income: Rent Received.

I originally tried setting up a Rent Reminder. But there are three people living there, and each month they individually pay a different amount, so the auto-matching never works.

Frankx · Answer

Hi @rgrindley,

I just wanted to make sure I understand how you are recording the payments you receive.  When you say "I manually set these payments" - am I correct in assuming that you are working in the Paypal account and you are recording the deposit there?  And, again just to be precise, is the category you are selecting the standard category "Rent Income" as shown below, or another category that you've created?

Let me know.

Frankx