Rental Property Management Fee

davidlvv

I get $X each month from my Property Management Company which is deposited directly into my account. This amount is a net amount after the company deducts their fees, any repairs, insurance, etc. I want to track these expenses in Quicken. For example I receive a direct deposit check for $4000. My rents are actually $4500 but the Property Management Company takes $500. How do I account for the expense of $500?

davidlvv

Perfect answer and so quickly, thank you so much.

jacobs

@davidlvv This is easy to accomplish with split lines in your deposit transaction. Using your example's numbers, you'd create a deposit transaction with an Amount of $4,000 — the net amount you received in the bank. Make the first split line for your rental income category, with an amount of $4,500. Make a second split line with the category you use for the fees paid to the management company, for $500 in the opposite direction:

If the amounts are the same from month to month, after entering this transaction, click it and select  Transactions > Schedule Selected Transaction. In subsequent months, you'll just need to click on the next scheduled instance (gray transaction) in your register and click Deposited. (You can then tweak the transaction amounts if there is any variance that month.)

davidlvv

Perfect answer and so quickly, thank you so much.