Tracking Rent Income for rental payments made via PayPal
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judy1026
Member ✭
Windows 10/Quicken Home Business & Rental 2019
I have been having a difficult time figuring out how to categorize monthly rental payments made via PayPal. I have PayPal set up as a bank account using one step update to update it. I have been transferring the payment to the Rental's bank account so the category is showing [Rental Acct] in PayPal register and [PayPal Account] in the register for the Rental bank account. I thought that was working but none of those payments are showing up in the Schedule E report even though I have them "tagged" correctly with the rental property's tag. Is the only solution to just not track these as transfers in PayPal?
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Best Answer
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I don't use the rental version of Quicken so this is a complete shot in the dark.If PayPal is set up as a checking Account in Quicken, it's the deposit into that Account that should trigger the proper accounting entry, namely:Debit (increase) PayPal Checking Account $XXXCredit (increase) Rental Income Category $XXXThe subsequent transfer of money from PayPal to [Rental Acct] - I assume that's your "real" checking Account - wouldn't trigger any sort of "income" event as it's a simple movement of money from one pocket to another. Perhaps you're expecting that this transfer would somehow show up on Schedule E? It shouldn't.6
Answers
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I don't use the rental version of Quicken so this is a complete shot in the dark.If PayPal is set up as a checking Account in Quicken, it's the deposit into that Account that should trigger the proper accounting entry, namely:Debit (increase) PayPal Checking Account $XXXCredit (increase) Rental Income Category $XXXThe subsequent transfer of money from PayPal to [Rental Acct] - I assume that's your "real" checking Account - wouldn't trigger any sort of "income" event as it's a simple movement of money from one pocket to another. Perhaps you're expecting that this transfer would somehow show up on Schedule E? It shouldn't.6
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