Trying to understand the benefits of upgrading from Premier to Home/Business Rental Property Tools
I have always managed my one rental property by using a Tag for income/expenses. I am now morphing it into a two unit rental and want to understand the advantage of upgrading Quicken.
I expect it would simplify keeping income records for two tenants. Can I use my existing accounts, eg. Checking Account, in the Rental Property tools (they include other transactions not related to the rental property) or do I need to set up new dedicated ones (Rental Checking)? Do these accounts need to be separate for reporting purposes or can the Tag be used to pull the correct transactions into reports? Be sure to add all checking/saving/credit card accounts connected to your Rental Properties to see the full financial picture and ensure accurate reporting in Quicken.
The Property (as an asset - account type "House") and separate Tag already exist in Quicken Premier. Is this going to be the same house account that is available in Rental Property Tools? (If a “house account” already exists in Quicken and you would like to link it to the rental property, select the already existing house account in the House account name list)
I understand that there are organizational aids that are part of the Rental Property feature, but I want to understand how they work before upgrading. Thanks for any advice/suggestions!