Rental income / expenses and One Step Update

harryz

Hello. I'm using Quicken Classic Deluxe for Windows R61.21. I have one rental property and I'm trying to figure out how to enter the appropriate income and expenses data into Quicken. I understand how to do this if I was manually entering transactions into Quicken, but I use One Step Update and I'm not sure how to do this.

One Step Update retrieves the transactions from my checking account into Quicken. The transaction just shows the net amount I receive every month. (e.g.: gross rent minus management fees minus anything else).

How do I enter the management fees and other expenses into Quicken? Do I have to edit each transaction and make it a split transaction to show the expenses? Is there another / easier way to do this?

I see that there is some sort of Business and Rental Tools, but my Quicken Classic Deluxe does not seem to have them.

P.S. I did search on this, but none of the hits I found involved One Step Update.

Thank you, Harry Z

Quicken Kristina

Hello @harryz,

Thank you for reaching out to the Community with this question. Since you're using Deluxe, you won't have access to the Rental Property module. Working with the tools available in the Deluxe version of Quicken, since you mentioned the rent comes in as one net amount every month, then perhaps creating an income reminder would work.

To do that, navigate to Bills & Income, then select the Income & Transfers tab. Click the Add dropdown (near the upper right) and select Income Reminder. Fill out the information as appropriate. In the Details section, click on Add category, tag or memo.

Next to Category, click on the icon with the two arrows splitting. That will open the Split Transaction window.

Fill that out as appropriate, then finish creating the reminder.

Using the reminder will allow you to fill in the splits much faster each time than manually typing it each month.

I hope this helps!

harryz

Aloha Quicken Kristina. Mahalo (thank you) for the response, I'll look into this.

Out of curiosity, what would having the Rental Property module provide for me? What version of Quicken would I need to buy to get this?

Also, is there anything in the web version that would provide more function than the income reminder?

Harry Z

Quicken Kristina

Thank you for your reply,

The Rental Property Module is available in Quicken Business & Personal, Windows only. It gives you the ability to create rent reminders & rent receipts, assign an attribute to accounts to show they're associated with your rental business, and it gives you access to the Rental Property tab (which has an account overview view, Profit/Loss view, and a Rent Center view). For more information about those features, please review this help article: https://info.quicken.com/win/rental-property

If the web version you're referring to is Quicken on the Web, that's a companion app. It doesn't support all the features that the Quicken desktop application supports, and it doesn't have any additional features that would provide more function than an income reminder.

Thank you!

UKR

I concur with @Quicken Kristina about setting up and using a Scheduled Reminder or an entry in the Memorized Payee List with Split categories for Gross Rental Income minus management fees and other expenses. Review and record this reminder BEFORE accepting the downloaded transaction into your checking account.

The Rental Property feature is geared for a traditional setup where you are the property manager and receive rent directly from tenants, deciding where and how to deposit cash or checks.
Newfangled functions like direct deposit, PayPal, etc. are not included in this feature and need to be worked around.