Splits vs multiple transactions with Property Manager Statement

The Property Manager deposits net rental income into Checking account and sends a monthly statement. Is it better to split the transactions in the Checking account deposit OR to delete the deposit in the Checking account and replace it with multiple income and expense transaction according to the monthly statement?


  • UKR
    UKR SuperUser ✭✭✭✭✭
    To make reconciling your checking account easier, I recommend you use an intermediate (offline) checking account to record the individual deposits, then make one deposit transaction and record it as a transfer between the intermediate account and the checking account.
    The following describes a similar process used when you receive several invoice payments in H&B

    Intermediate deposit account for HB&R (a.k.a. "Suspense Account"):

    When you receive multiple payments by check per day but only make one summary deposit to your bank ...

    - Create a cash (or manual (offline) checking) account, named something like "Checks to Deposit" with an Opening Balance of $0.00

    - When filling out the New Customer Payment form, deposit the check to "Checks to Deposit" instead of your regular bank checking account.

    - At the end of the day, tally up all checks on your deposit slip. In Quicken, in the "Checks to Deposit" account make a transfer transaction "Daily Deposits" in the amount of your deposit slip. Put the amount into the Payment column. As category choose your checking account, surrounded by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the balance in the "Checks to Deposit" account back to zero (or you have made a mistake somewhere along the way).

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