What kind of account should I use for receiving royalties from mineral rights on property

Options
jrjmpls
jrjmpls Quicken Windows Subscription Member
in Investing (Windows)

thanx

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited June 21

    An "account" in Q represents an asset. The mineral rights themselves. Can you place a value on them?

    The Income, i.e. the Royalties, are an Income Category … which you would need to create yourself with an appropriate tax line.

    In Q, Accounts are Asset and Liability things. Income and Expenses are Categories.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Categories