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How do I reconcile rent reminders transactions in bank account with rental property manager?

pfiscalpfiscal Member ✭✭
in Business and Rental Property Tools (Windows)
I automatically download transactions from a bank account associated with my rental property. After tagging all of those transactions, they do seem to appear in rental property manager (although it's a bit hard to tell because right now the date range is broken).

When I enter the info as required, it seems to setup rent reminders. I'm just wondering what the work flow is supposed to be to reconcile those reminders with transactions that are automatically downloaded and whether I need to manually enter transactions?

If I do have to enter manual transactions, I suppose my follow up question would be why I would do that? Like what is the actual benefit to doing this inside of rental property manager if the same transactions, categories are represented in other accounts, autocategorized, etc?

Best Answers

  • NotACPANotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    You need to record those rents rec'd in the Rental Prop Mgr itself and associate them with the correct tenant/property.
    IF the tenant pays by OTHER than check (probably electronically) you can direct that payment  to your bank account where it will be Matched when you download from  the bank.
    IF they payment is by check,  I'd record it as a transfer to an intermediate account (I call mine "Undeposited Checks") and then when you actually deposit the checks, you record the ENTIRE deposit (not individual checks) as a transfer to your bank account.  This,  also, should match with your downloads.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKRUKR SuperUser ✭✭✭✭✭
    Accepted Answer
    You have posted a similar question about recording Security Deposits here:
    I hope my answer helps you with that issue.
    As to recording downloaded transactions from your Checking account and making them show up properly as Rent received and/or Security Deposit received, I recommend you always use the transactions in the Rent Center dialogs to record the necessary transactions in Quicken BEFORE you download any rent-related transactions from the bank.
    Switch your Checking account to NOT automatically accept downloaded transactions. Instead, manually review all downloaded transactions and, before you click accept, make the necessary changes to match each downloaded transaction to its proper counterpart in the register.
    Quicken H&B and the Rental feature were designed long ago, when there was no process to download transactions from the bank. For best results I still recommend you manually record everything inside Quicken before you download, match and accept bank transactions. That's IMHO, the only way to ensure that everything is recorded properly.


Answers

  • NotACPANotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    You need to record those rents rec'd in the Rental Prop Mgr itself and associate them with the correct tenant/property.
    IF the tenant pays by OTHER than check (probably electronically) you can direct that payment  to your bank account where it will be Matched when you download from  the bank.
    IF they payment is by check,  I'd record it as a transfer to an intermediate account (I call mine "Undeposited Checks") and then when you actually deposit the checks, you record the ENTIRE deposit (not individual checks) as a transfer to your bank account.  This,  also, should match with your downloads.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • UKRUKR SuperUser ✭✭✭✭✭
    Accepted Answer
    You have posted a similar question about recording Security Deposits here:
    I hope my answer helps you with that issue.
    As to recording downloaded transactions from your Checking account and making them show up properly as Rent received and/or Security Deposit received, I recommend you always use the transactions in the Rent Center dialogs to record the necessary transactions in Quicken BEFORE you download any rent-related transactions from the bank.
    Switch your Checking account to NOT automatically accept downloaded transactions. Instead, manually review all downloaded transactions and, before you click accept, make the necessary changes to match each downloaded transaction to its proper counterpart in the register.
    Quicken H&B and the Rental feature were designed long ago, when there was no process to download transactions from the bank. For best results I still recommend you manually record everything inside Quicken before you download, match and accept bank transactions. That's IMHO, the only way to ensure that everything is recorded properly.


  • pfiscalpfiscal Member ✭✭
    Thanks much! I also have transactions such as on credit cards for purchasing things like "ice melt" that I put down on walkways. I download these transactions. I'm assuming you would also recommend to enter all of these transactions manually in the rental property manager and then reconcile with downloaded transactions in the same way?

    This certainly insures accuracy but makes a lot of busy work I was hoping to avoid. I suppose my general question would be, what does the rental property manager provide that I wouldn't get from simply auto downloading transactions into accounts? As far as I can tell it's specialized reports, but I could likely accomplish something similar but customizing income/expense reports. Don't mean to be antagonistic, just trying to determine the added benefit of using the rental property manager, especially when I only have one property.
  • UKRUKR SuperUser ✭✭✭✭✭
    > I also have transactions such as on credit cards for purchasing things like "ice melt" that I put down on walkways. I download these transactions.
    You could use the Enter Expense dialog in the Rental Property / Add transactions function, but that would only work if you have an expense which applies to one property only.
    For buying salt or other expenses which apply to all properties equally, I would just simply record a credit card transaction for the purchase and categorize it to an appropriate Rental expense category, e.g. Cleaning and Maintenance (any Rental Expense category will do as long as it uses the correct Schedule E tax line item).
    Either manually record a transaction and then, upon download, match the downloaded Hardware Store transaction or let download create a new transaction and categorize it accordingly, as you are about to accept it.

This discussion has been closed.