Proper method to enter Rental Income

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pasteve9999
pasteve9999 Member ✭✭
in Business and Rental Property Tools (Windows)
It appears in Rental Property, Add Transaction, Enter Rent only enables one to enter just the rent. My rental income comes through a property manager, with expenses such as management fee and other costs deducted. I assume I then cannot enter my rental income here and need to do it through a direct entry into the bank account allocating the income-expense. I assume then the report in this module will not be accurate

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  • pasteve9999
    pasteve9999 Member ✭✭
    Answer ✓
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    Thanks everyone. Frank- this is how I enter the transaction. I just noticed there was an enter rent option(Rental Property-enter rent) within Quicken where one could enter the property rent. However, that is all you can enter. No deductions can be input here. So I am just recording the transaction as you said, within the bank account allocating the expenses here.

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    @pasteve9999,

    Are you familiar with entering split transactions - for example, do you record paychecks in Quicken?  If so, you should be able to enter a split transaction for the rent you receive, even if the property manager deducts certain expenses from it

    The entry would be like any other deposit - you would enter the check amount in the "deposit" column first.  Then when you get to "Category" you should click on "Split" which will open the split transaction screen.  You should the Gross Rental Income (before expenses were deducted) on the first line.  Then enter each of the rental related expense items (such as management fees, etc.) as negative numbers on following lines.  Once you've included the rent income and all expenses the amount should equal the check amount.

    Let me know if you have any follow-up questions.

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
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  • Beijing Mac
    Beijing Mac Member ✭✭✭✭
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    Also add the tag for that specific property for each line item in the split transaction.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    That last comment only applies IF you have more than one rental property/unit that you are tracking.  Otherwise you can ignore it until you by another property.

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • pasteve9999
    pasteve9999 Member ✭✭
    Answer ✓
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    Thanks everyone. Frank- this is how I enter the transaction. I just noticed there was an enter rent option(Rental Property-enter rent) within Quicken where one could enter the property rent. However, that is all you can enter. No deductions can be input here. So I am just recording the transaction as you said, within the bank account allocating the expenses here.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    Sounds good!  H
    Glad I was able to help!

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

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