What is the difference between a Business account and Rental account?

I've just begun using H&B (Windows) and cannot see a distinction between identifying a bank account as business or rental - everything looks the same. I am managing a couple of different rental property businesses so would like to make sure I set it up using the best type of account possible.

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Answers

  • LivTheDream
    LivTheDream Member ✭✭
    @Frankx

    That's more info than I've gotten from talking to Q support so THANK YOU!! MI will have to look at the 2 different accounts more closely .. they both looked the same to me.

    Thanks again for your help!

    Liv
  • LivTheDream
    LivTheDream Member ✭✭
    @NotACPA

    Thanks for the info .. so if I have tax prep fee from CPA, it comes through as a Prof and Legal fee (Business Expense) but that fee is split between the properties, do I change the tag to Legal and Professional (Rental Expense) or leave it as the business expense tag even though it's split across the properties?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    I'd be inclined to record the entire fee in the account from which you paid it ... and then SPLITTING the transaction to allocate some portion to a Sched C category and some to a Sched E tax category.
    You might ask the CPA what the split might be, OR you might split it equally between business and Rental (and then further split by property) OR you might split it proportionally dependent upon the percent of income from each activity.
    Those are only possible suggestions.  There are probably others.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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