Rental properties accounting

Roses

How can I track income and expenses when I have a Mac?

NotACPA

Well, you need to create an Asset account for the property itself, and Income & Expense categories for those items.

There is no, current, Rental Property version of QMac.

jacobs

I'm not clear what you're asking.

If you need feature like creating and sending invoices, you'll need to do that outside Quicken, since Quicken Mac has no such capabilities.

If you just want a way to track your income and expenses, you can do that by creating any categories you need in addition to the default ones in Quicken. You might find it helpful to use Tags on transactions to identify income or expenses related to specific properties. 

If you need to track rent owed, you can create an asset account to manually create and track accounts receivable.

Whether Quicken Mac is a good tool really depends on your needs. There are certainly Quicken Mac users with one or a few rental properties; if you have a lot of properties, you might benefit from something with more specific rental property tools. If you can share more about what you're trying to accomplish, folks here can offer tips on how to best use Quicken for what you're trying to do.

Roses

Thank you Jacobs. I want to keep track of income and expenses. Basically, a P&L for rentals. I've started creating an asset and expense categories; very tedious. A template or another accounting software product would be helpful

jacobs

@Roses I've used Quicken for keeping the books fort a small national organization, and for a business my wife ran, which included accounts receivable and some accounts payable and depreciation. While it's not explicitly designed for this, I found I could make it work for my needs. (Perhaps because I have a bookkeeping background and have used a variety of business accounting software in my day job.) Whether Quicken is suitable for your needs really depends on how complex your chart of accounts (category list) is and how many transactions you have. I think it would be hard to provide a useful "template" because every business is different, and even for rental properties, there are a few different ways to track things using categories and/or tags and/or Payees. 

If you need help figuring out how to track what you want in Quicken, there are some people on here who can help. If you decide you need a different accounting product, I understand. (Quicken does not allow the discussion of other software products on this site.)

Roses

Thanks again. Good info.