Linking Deposits to Rental income
Hello Quicken teamates. I recently upgraded Quicken from the Deluxe version to the Home and Business version. I want to link the deposits that I previously made in my checking account that I have collected as rent and have them show as rental income in the Property module to the property I just created in the property rental section.
How can I do this..
Thank you,
Michael
Comments
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Are all the rent deposits in your checking account
- categorized to "Rent Received", a category with a Schedule E tax line item "Rents received"?
- use a Payee Name spelled exactly as the tenant name in the Rent Center
- use a Tag equal to the property name or property name+apartment name
and, in the Rent Center, Edit Tenant dialog, the specified account name is set to your checking account?
The Rent Center likes to have rent entered using the dialogs. It's a bit old-fashioned, expecting tenants to pay with check or cash. I don't know if it would be able to recognize a payment made directly into the checking account, even if all fields are filled in as itemized above. That means, I don't know if you could establish a payment history for prior rent payments in the Rent Center views.
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I use the first and third bullet point, and those work fine for year-end tax info reports in Cash Flow. I was not aware of "Payee Name spelled exactly as the tenant name in the Rent Center", which I suspect would help with "late payment" alerts. I'll have to work on that.
Categorizing and tagging properly are SO critical for report accuracy. It cannot be over-emphasized. Sometimes a category like "UTILITIES" or "UTILITIES: RENTAL" is fine, but sometimes your annual reports might have a specific need for "UTILITIES: WATER (RENTAL) or UTILITIES: ELECTRIC (RENTAL), or other situationally specific category that must be created. That's when you have to custom-tailor Quicken to your needs.
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