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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
Does Quicken track Cleaning Fees as a part of a Tenant Lease?
evilwargs
My rental properties are a vacation home & condo, two properties. I see that quicken will track Security Deposits when setting up tenant leases. I usually require tenants to provide a non-refundable cleaning fee in addition to the specified rent and deposit. Can I somehow track that for each tenant lease? I receive the fee up-front prior to rental. I'm using the Windows version of Quicken.
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Tom Young
I can't answer your "Quicken" question because I don't use the Home & Business product but you may want to read the IRS's "Topic No. 414 Rental Income and Expenses." Generally non-refundable amounts are treated differently than potentially refundable amounts like security deposits.
evilwargs
Thanks, Tom. I am aware of the tax treatment. My question is for the tenant setup in the Rental Property section of Quicken.
Tom Young
I would think that Quicken could have more than one payable/liability account associated with each rental but as I said I don't use that particular product so I'm just guessing. Most people run their Quicken books pretty much aligned with how the IRS says to report things, which suggests simply taking that non-refundable deposit into some sort of income Category when received, so that's why I suggested the IRS "Topic" item.
evilwargs
Thanks, Tom
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