Tracking back rent promissory note

thelockd
thelockd Quicken Windows Subscription Unconfirmed, Member
edited December 2022 in Download, Add/Update Accounts (Windows)
I need to set up tracking for a promissory note that is back rent so it is also rental income. I set it up under property & debt as a loan to someone and it is tracking correctly but the problem I have is it is not showing up as income. Is there a better way to track it?
Thank You!!!

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    I would have set it up as an asset ... something that you own/are-owed, rather than as a loan that you owe.
    Then, set the tax attributes for the account to reflect transfers out of the account (when you receive money into your checking account) as income.

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

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