How to Record Tenant Rent - Prorate Rent - Security-Etc
I have allowed some one to move in with paying a years rent in advance.
He moved in on the Nov 18. When I calc move in I included a 2nd month prorated rent so when he starts paying again - rent will be due on the 1st and Late if paid after the 5th.
I usually collect security and full months rent and prorate 2nd month normally. Only difference on this is I'm collecting full year or rent besides the proration portion.
I realize I need to report the rent in year I receive being cash basis.
So what are the best steps and where to record and input info into Quicken Home Business Rental program (latest version)? Also note I took a deposit $1000 to hold prior to renting.