Home Quicken for Windows Business and Rental Property Tools (Windows)
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

Link Rent Due with deposit entry

I am new to Quicken, started with Home and Business version last month. I have populated Quicken with all 2020 transactions.

I set up a property record for each property (address and tag).

I set up tenant records for each tenant – tenant name, property tag and monthly rental details. (All tenants are long term and on month-to-month tenancy so no lease/rental details beyond monthly rent due.)

Tenants make rent payments via deposit into business bank account.

I import bank transactions throughout the month and categorize and tag.

Rent payments appear in account register with payee as Deposit. I set category for rental payments to Rents Received. Now these rent payments show up in the Rental register also but do not resolve the rent due for the property.

If I set the Payee to the tenant, the rent now increases by the amount of the deposit – so $500 for month rent now becomes $1,000.

Is there any way to link the rent due/debit and the deposit/credit for the tagged property without having to manually enter the rent payment for each unit and each tenant every month and then deleting the imported transaction to remove the duplicate credit?

A lot of manual work every month and seems not sustainable as the number of units owned increases …

Thanks for any insight ..

Liv
Tagged:

Best Answers

Answers

  • Quicken_TykaQuicken_Tyka Moderator mod
    Hello @LivTheDream

    Thank you for taking the time to visit the Community to report this issue, although I apologize that you have not received a response.

    I have a few questions to help me better understand the issue, first how was this business account added?

    First, was this account added under the Rental Property Tab under Account Overview?

    Second, where are you seeing the rent increase? Is this in the account or the Rental Property tab?

    Please let us know!
    -Quicken Tyka
    ~~~***~~~
  • LivTheDreamLivTheDream Member ✭✭
    Hi, @Quicken_Tyka

    Thanks so much commenting.

    I added Properties and Tenants in Rent Center. I did not add anything in the Account Overview tab. I don't see these transactions or anything on the Account Overview tab ... only the account holding the security deposit funds.

    I see the increase in Rent Center - the line item for Property 1 / Tenant 1 shows Rent Amount showing $500 and then columns for each month. October shows $500, greyed out. When I edit the transaction in the business bank account to change the Payee from Deposit to Tenant 1 (per Quicken Support), the greyed out amount in the October column now shows $1,000 ... still greyed out.

    Liv
  • Quicken_TykaQuicken_Tyka Moderator mod
    Hello @LivTheDream

    Thank you for the response and the additional details.

    May I ask that you please include a screenshot of what you are seeing?

    https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windows

    I do not see any increase in my rent center, I do see the amount is greyed out however the amount is not increasing.

    Please include a screenshot of the rent center, as well as the transactions being entered to see if we figure what is causing this behavior.

    Thank you,
    -Quicken Tyka
    ~~~***~~~
  • LivTheDreamLivTheDream Member ✭✭
    Hi, @Quicken_Tyka .

    See attached screenshots for Register and Rent Center before I edited the deposit transaction from Payee Deposit to Payee Jimmie Williams. I have identified the subject transactions with a RED dot

    Thanks!

    Liv
  • LivTheDreamLivTheDream Member ✭✭
    Hi, @Quicken_Tyka

    I don't see attachments on my prior response although I got a message they were there when I tried to attach so ... posting here again to make sure the screenshots are available to you.

    Thanks so much!

    Liv
  • Quicken_TykaQuicken_Tyka Moderator mod
    Hello @LivTheDream

    Thank you for the additional details and the screenshots.

    May I ask that you navigate to the Bills & income tab and confirm that you do not have a duplicate reminder listed for this tenant?

    Also, do you have transactions enter into the register automatically, or do you first screen the transactions to match and edit them?

    I suspect this issue is coming from either a duplicate reminder or a duplicate transaction in the register.

    Please let me know!
    -Quicken Tyka

    ~~~***~~~
  • LivTheDreamLivTheDream Member ✭✭
    Hi, @Quicken_Tyka

    Screenshot of Income & Transfers attached. There is only vehicle loan on the Bills tab so nothing related to tenants, properties or rent due/paid.

    Only 1 reminder per tenant/property per month (only started using Quicken in in mid-Sept).

    This screen doesn't change whether the Payee on the deposits shows as the "default Deposit" or I change it to the tenant name.

    The transactions are imported from my bank and entered automatically. The bank account is in balance with bank data.


    Liv
This discussion has been closed.