What category do you use to withdraw cash from a rental property

whf
whf Quicken Windows Other Member ✭✭
in Registers & Transactions (Windows)
What category do you use to withdraw cash from a rental property

Best Answer

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited March 2021 Answer ✓
    The expression "withdraw cash from a rental property" is too vague to know exactly what you're talking about here.
    If you have a separate bank Account for the deposit of rents received and you move some of that money from the rental bank Account to your personal bank Account, that's simply a "Transfer" (in Quicken-speak) between Accounts, there's no Category involved.  In Quicken-speak a "Category" refers to and income or expense event.  The income was already recorded when you deposited the rent check in the rental bank Account.  Accordingly,  the subsequent movement of money from one bank Account to the other is not an income or expense event, it's simply moving money from one pot to another pot, a "transfer."
    If you don't have a separate checking Account for rental income and rents are deposited directly into that Account, they nothing's really different except you don't need to go through the transfer process, the money's already in your Account and it's all your money; there's no distinction between "money from the rental" and any other money you might receive from working or any other activity. 
    If you had something other in mind by the term "withdraw cash from a rental property" then what I've outlined here, add some more details.

Answers

  • YingDave
    YingDave Quicken Canada Subscription Member ✭✭✭✭
    You would not use a category, it would be a transfer. You are reducing the cost base of your asset or increasing the liability against it if your took it from the mortgage. Unless you are talking about rental income which is income earned from the asset. Just a complete guess hard to say since you have provided no context?
  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited March 2021 Answer ✓
    The expression "withdraw cash from a rental property" is too vague to know exactly what you're talking about here.
    If you have a separate bank Account for the deposit of rents received and you move some of that money from the rental bank Account to your personal bank Account, that's simply a "Transfer" (in Quicken-speak) between Accounts, there's no Category involved.  In Quicken-speak a "Category" refers to and income or expense event.  The income was already recorded when you deposited the rent check in the rental bank Account.  Accordingly,  the subsequent movement of money from one bank Account to the other is not an income or expense event, it's simply moving money from one pot to another pot, a "transfer."
    If you don't have a separate checking Account for rental income and rents are deposited directly into that Account, they nothing's really different except you don't need to go through the transfer process, the money's already in your Account and it's all your money; there's no distinction between "money from the rental" and any other money you might receive from working or any other activity. 
    If you had something other in mind by the term "withdraw cash from a rental property" then what I've outlined here, add some more details.

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