How to assign a deposit from 3 tenants to each of their accounts on the Rental tab?

Example: I made a deposit of $3,000 of rent for 3 tenants into my business checking account. I then split the deposit in Quicken as [Category: Rents Received, Tag:"Tenants rental unit #", and Amount: $1000.

When I go to the Rental Tab to look at my tenants at the property I still have an amount due of $1000 for each tenant and the next month total due is double.
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Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭

    What you might need to use is an intermediate holding account. Set up an account and call it something like Checks Received or Undeposited Payments. Then enter the payments into it. Then when you make the deposit to your bank account you transfer the total deposit amount to the new account. That way when you download your bank transactions the deposit will match. Or you should use the holding account if you receive payments in one year (like in Dec) but don't make the deposit until the next year (like Jan.).


    You don't run to the bank each time you get a check.  So you need a holding account so you can show the income when you received it.  Then you wait until you get a bunch of checks to go to the bank.

  • lks2022
    lks2022 Member
    I had the same question, so thanks. But how do I select multiple payments in the Undeposited Funds acct to transfer into my checking account?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    lks2022 said:
    I had the same question, so thanks. But how do I select multiple payments in the Undeposited Funds acct to transfer into my checking account?
    When you take the checks to the bank, you record 1 transfer transaction in the total amount of the checks as if it was a transfer from Checking to Undeposited Funds.
    Here's an example from my "Checks to Deposit" account (the Undeposited Funds account)


  • lks2022
    lks2022 Member
    Also, how do I transfer from undeposited funds so that it is the total amount of the multiple checks when I move it to checking
  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    That is just a straight transfer.   Enter the deposit in the checking account and Transfer the total to the undeposited funds account.  That will clear out all the individual checks and payments.  See the last entry in his screenshot.  
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