Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO
Should I sync rental property checking accounts and loan accounts or enter them in manually?

I have a handful of properties that I am trying to set up in Quicken- setting up each property with checking account, property asset account and property loan account. I currently have 1 property and I enter in all transactions manually and another that I have the checking account and property asset account synced to the bank.
Issue 1: In the synced loan account I cannot see the payment detail transactions.
Issue 2: The loan payment transaction is correctly syncing through the checking account and the loan payment (coming from the checking account) is posting against the rental property as an expense. However, I would like to see the interest and principal split. How does that work with syncing? How does the synced checking account know to also record the loan payment in the loan account? When I deactivate the loan account I can see the payment detail transactions but, it only shows the opening balance and no payment history, but the outstanding loan amount is correctly synced with the bank loan account.
What's the best way to navigate through this? I do not want to have to manually enter in every transaction. Should I not sync the loan account and only the checking account? If I do that how can I have the loan payment post in the loan account? thanks
Issue 1: In the synced loan account I cannot see the payment detail transactions.
Issue 2: The loan payment transaction is correctly syncing through the checking account and the loan payment (coming from the checking account) is posting against the rental property as an expense. However, I would like to see the interest and principal split. How does that work with syncing? How does the synced checking account know to also record the loan payment in the loan account? When I deactivate the loan account I can see the payment detail transactions but, it only shows the opening balance and no payment history, but the outstanding loan amount is correctly synced with the bank loan account.
What's the best way to navigate through this? I do not want to have to manually enter in every transaction. Should I not sync the loan account and only the checking account? If I do that how can I have the loan payment post in the loan account? thanks
0
Answers
I would strongly suggest that you continue to "sync" (or "connect & download transactions) your rental property bank account(s) in Quicken. There is no downside, in my view, to doing this and it will save you time and be potentially more accurate than manually entering all those transactions.
On the issue of the "property loan account" I would suggest that you not "connect" your loan account(s) because this approach will potentially limit your ability to properly track your loan and related activity, since with the download approach there is no flexibility in classifying and/or allocating the downloaded transactions. In addition, there really isn't any significant time that would be saved by using the download approach, so the negatives of not being able to modify downloaded transactions, would outweigh the positive of saving a little time.
Let me know if you have any followups.
Frankx
Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20 - Windows 10 Home - Ver. 2004- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -
I appreciate the compliment, but unfortunately I am not able to provide that kind of assistance.
Take care,
Frankx
Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20 - Windows 10 Home - Ver. 2004- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -