I have created a debit (liability) account to record a rent payment for an entire year. Each month
- I created a debit (liability( acct. to record o payment for an entire year in advance. Each month I transfer a one month's amount to rental income. The transaction appears in the transaction list but not in an "income and expense report". Does anyone understand why?
- . I first started this thread in the "Question" window and received the error "Body is 4 characters too short". What does that mean?
Answers
-
It doesn't show in the report because Transfers are neither Income nor Expenses. Just as when you use a credit card to make a purchase, THAT's an expense … but paying your card account is a transfer.
Since you haven't actually receive that "entire year in advance", it isn't income either. You'd be better served if you simply created reminders for these actions.
"Body is 4 characters too short" means exactly what it says … that there's a minimum length allowed for the body of a message.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
As stated, I HAVE received the entire annual rent (12 monthly) and it is, therefor, a liability and needs to be in my accounting. Lacking the ability to transfer a twelfth out each month and into income strikes me as a shortcoming. As to "4 characters too short", I tried to add 4 and were not accepted.
0 -
2. When you create a new post, it has a title and a body. Somewhat confusingly, the title for a Question post is just labeled "Question".
The title is supposed to be a short description of the issue and has a limited length. The body is where you should put your detailed question. It has a minimum length of 4 characters.
You tried to put your whole question in the title section and you left the body blank.
QWin Premier subscription0 -
If you've already rec'd the rent … THAT's the income. Not your monthly transfers. You're trying to do Accrual accounting in a product that just barely supports it.
TRANSFERS AREN'T INCOME.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
And if I'm not mistaken the "barely supports it" is only in the Business edition which hasn't been confirmed that @wdh is using.
Signature:
This is my website: http://www.quicknperlwiz.com/0 -
Thank you for your response. My observations - 1. The funds are NOT income at time of receipt. The money is in trust (a liability) with 1/12th deducted each month as rent (income). 2. If the entry were to be coded as an expense, rather than income, the entry would appear in I/E reports. I don't see why the difference. In either case, the entry appears in transactions. In order to accommodate my needs, I have created an asset account, transfer the monthly amount due into it and then into the bank account as the rent payment. Just FWIW, wdh.
0 -
hum….. Would it work for you to just set up an account for the rental address. Then show a deposit to that account in the amount of the total annual rent you have already received. This gives a possitive balance from which you can transfer a portion monthly to wherever you are transferring it to.
Windows 11 (2 separate computers)..... Quicken Premier.. HAVE USED QUICKEN CONTINUOUSLY SINCE 1985.
0
