Split rent payments from two different checks
I receive rent checks for two separate rental properties. When I deposit them, the bank often lists the total deposited amount (sum of both checks) as a single transaction. After I sync Quicken with my bank, I split the transaction between the two rental properties by entering Category: 'Rents Received', Tags set for each of the properties, and each tenant's name in the memo fields. However, in the "Rental Property" tab, I don't see the rents being attributed to each tenant. Instead, two new tenants are created (one for each property) with the name of "Deposit" (or whatever is listed in the top-level split's Payee field). Any idea how to fix this?
Comments
-
Using an Intermediate Deposit Account (for HB&R, a.k.a. "Suspense Account"):
When you receive multiple payments by check per day but only make one summary deposit to your bank ...
- Create a cash (or better a manual (offline) checking) account, named something like "Checks to Deposit" with an Opening Balance of $0.00
- When processing the received checks (e.g., when filling out the New Customer Payment form in Customer Invoices), deposit each check to "Checks to Deposit" instead of your regular bank checking account.
- At the end of the day, tally up all checks on your bank deposit slip. In Quicken, in the "Checks to Deposit" account make a transfer transaction "Daily Deposits" in the amount of your deposit slip. Put the amount into the Payment column. As category choose your checking account, surrounded by [square brackets], e.g. [ABC Bank Checking]. Verify that this reduces the balance in the "Checks to Deposit" account back to zero (or you have made a mistake somewhere along the way).
What's described above is also applicable to the Rent Received process. Simply deposit the rent checks you receive into the Intermediate Account, then deposit all checks into your checking account using a deposit slip in one transaction.
0
