Multiple Rental Properties

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NickW
NickW Member ✭✭
edited May 2022 in Business and Rental Property Tools (Windows)
We have three rental properties which we would like to track income and expenses for each of those separately. I have tried to create separate utility accounts for each but Quicken doesn't like that. All are under one bank account.

How can we track a profit and loss statement for this situation?

Answers

  • Hilary B
    Hilary B Member ✭✭
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    I am interested in this as well. I have three rental properties (named X, Y and Z for purposes of asking my question), each with its own bank account linked into Quicken. I want to be able to run monthly income & expense statements for each property. What is the most efficient way to do this - separate categories for each property, e.g., X mortgage, Y mortgage, Z mortgage, X utilities, Y utilities, etc. Or should I do this via "Tags" in Quicken?
  • Quicken Alyssa
    Quicken Alyssa Moderator mod
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    Hello @NickW & @Hilary B,

    Thank you for coming to the Community with your question!

    Nick, when you say separate utility accounts for each what exactly do you mean by that? Maybe Hilary's input will also help answer some questions for you.

    Hilary, you are on the right track! You can use different categories, this would accomplish the same result. However, I always recommend that customers use Tags. So every transaction that is related to Property X should be tagged/categorized as such. This would be the same for the other properties as well. This way, when you run your reports, you can customize them to only show the tags/categories that you are interested in seeing on that report. 

    This is where you show the tags in the Profit & Loss Report


    This is the result specifically for this type of report. 


    A Cash Flow report is similar and there is a Cash Flow by Tag report option as well. 

    I hope this helps you both! Let us know if you have any more questions or concerns!


    Quicken Alyssa
  • Hilary B
    Hilary B Member ✭✭
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    Thanks. I am using Tags to differentiate among the 3 properties. When I customized the P&L statement like you show above, it only shows professional fees and no income or other expenses. What am I doing wrong?

    Also how do I manually add transactions that are not linked to any account in Quicken (e.g., they were paid out of a personal account that I do not want to link to Quicken).
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