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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
How do I enter in a rental late fee?
omega4e
I am entering in rental transactions from the past two months given to me from my property manager. Late fees and rent are separate transactions. When I enter in the rent received I use the "Rental Property" tab then "Enter Rent." From there I can select the tenant and enter in the rent amount. I tried using this method for late fees but when I try to categories the transaction the transaction is removed from the "Profit and Loss" tab for that property.
I then tried recording the late fee from the checking account instead of the "Rental Property" tab, categorized the transaction as a late fee and then tagged the late fee transaction with the property's unit letter, but the transaction will not show up under the profit and loss tab for the property. When I tag the transaction without the property's unit letter and just use the standard property tab, the transaction shows up. I want the late fee transaction to not only show up on under the property (profit and loss tab) but also for the specific unit letter in the property, just like how rent is treated when using the "Enter Rent" tab.
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JJIV
According to Landlord Tracks (landlordtracks.zendesk.com), late fees should not be included in the profit and loss statement.
Doug C
My CPA said the IRS sees late fees as income.
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