Ability to Specify Income Category to use when turning on Rent Collection Reminder
When adding a Property Tenant in Quicken, there is a selection to create a Rent reminder or not to create a Rent reminder. Today, if you turn it on, you can select the Account for the Rent to deposit into, but you cannot specify the Income Category to use to post the income. There does seem to be a generic Category it will use if it exists, but otherwise it will post to the Account as an uncategorized transaction. The only work around is to select no and then manually setup your own reminder. However, if you select for the Rent Collection Reminder to be turned on, when you click on the reminder to post the transaction, it offers to generate a rent receipt. The manually created reminder does not. This would work so much easier for users to have the ability to specify both the Account and the Category for this.
Comments
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AFAIK, the default category is Rents Received, a category associated with a Schedule E tax line item.
What other category do you need?
Rental transactions are also tagged with the Property and Unit name, for reporting purposes.0 -
That Category does not exist in my version of Quicken for some reason. I had to create my own income categories and associate them with Schedule E tax line item. It would be more user friendly to have the ability to specify the category. Furthermore, when I setup the income categories, I had called Quicken Support because these transactions were being entered with no Category. The technician on the call advised me to delete the recurring reminder that had been created and manually create my own. I preferred to have the Rent Receipt check box be present which only occurs with the transaction setup by the Rent Collection Reminder option on the Property Tenant setup screen.
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The default Rental Income and Expense categories should have been added to your Quicken data file either when you upgraded to the HB&R feature level or when you accessed the Rent Center for the first time.
If that didn't happen, for whatever reason, you can add rental categories:
After creating a backup of your Quicken data file go to Tools / Category List
Click the Options button at the lower left of the window and select Manage categories
In the Manage Categories window select Rentals & Royalties.
From the list of categories on the left select the rental income and expense categories which you will need and click the "Add" button.Make sure all of your rental categories are assigned to Category Group "Rental Property Income" and/or "Rental Property Expenses" respectively. If they are not, use Options button / Assign Category Groups to help making any changes.
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I have had same situation ever since they came out with the rental version of Quicken. There is no category assigned to the transaction when you you the rental reminder. It enters the transaction with a blank category. I finally deleted the reminder from the rental income and created a manual reminder and was able to select the default category for the reminder. Quicker does not have a default category for rental income apparently. Life is so much simpler since I’ve done this.
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