I have created a debit (liability) account to record a rent payment for an entire year. Each month

wdh

1. I created a debit (liability( acct. to record o payment for an entire year in advance. Each month I transfer a one month's amount to rental income. The transaction appears in the transaction list but not in an "income and expense report". Does anyone understand why?
2. . I first started this thread in the "Question" window and received the error "Body is 4 characters too short". What does that mean?

NotACPA

It doesn't show in the report because Transfers are neither Income nor Expenses. Just as when you use a credit card to make a purchase, THAT's an expense … but paying your card account is a transfer.

Since you haven't actually receive that "entire year in advance", it isn't income either. You'd be better served if you simply created reminders for these actions.

"Body is 4 characters too short" means exactly what it says … that there's a minimum length allowed for the body of a message.

wdh

As stated, I HAVE received the entire annual rent (12 monthly) and it is, therefor, a liability and needs to be in my accounting. Lacking the ability to transfer a twelfth out each month and into income strikes me as a shortcoming. As to "4 characters too short", I tried to add 4 and were not accepted.

Jim_Harman

2. When you create a new post, it has a title and a body. Somewhat confusingly, the title for a Question post is just labeled "Question".

The title is supposed to be a short description of the issue and has a limited length. The body is where you should put your detailed question. It has a minimum length of 4 characters.

You tried to put your whole question in the title section and you left the body blank.

NotACPA

If you've already rec'd the rent … THAT's the income. Not your monthly transfers. You're trying to do Accrual accounting in a product that just barely supports it.

TRANSFERS AREN'T INCOME.

Chris_QPW

https://community.quicken.com/discussion/comment/20441475#Comment_20441475

And if I'm not mistaken the "barely supports it" is only in the Business edition which hasn't been confirmed that @wdh is using.

wdh

Thank you for your response. My observations - 1. The funds are NOT income at time of receipt. The money is in trust (a liability) with 1/12th deducted each month as rent (income). 2. If the entry were to be coded as an expense, rather than income, the entry would appear in I/E reports. I don't see why the difference. In either case, the entry appears in transactions. In order to accommodate my needs, I have created an asset account, transfer the monthly amount due into it and then into the bank account as the rent payment. Just FWIW, wdh.

retird

hum….. Would it work for you to just set up an account for the rental address. Then show a deposit to that account in the amount of the total annual rent you have already received. This gives a possitive balance from which you can transfer a portion monthly to wherever you are transferring it to.