TY> On Mar 21, 7:32 am, Bob Fry wrote: >> It's payment from a property management company for a couple >> of rental properties. Since they account for it in, say, >> December 2007, and their 1099 has it in tax year 2007, I have >> to have it in that year too. Hence the false date on my >> recording of its deposit in Quicken.
TY> Gee, it seems like that problem is easily solved without TY> monkeying with dates.
TY> Why not 1st record the check as a receivable with a date, say, TY> of 12/31/XX and offsets to whatever income/expense accounts TY> are affected,
Sounds like what I want. How can I record the check as a "receivable"? Quicken help didn't too much. This is possible in Q2006 Premier Home & Business?
I believe you can use the A/R features in H&B IF you have set up business accounts. That's what is it there for. Personal expenses/income side of H&B don't use the A/R or A/P functions.
The only problem with this suggestion is if your reports are set to run on a cash basis, you won't see the Receivable. You would be better off using the check date in your register. If it was really a December check (per its date), like a paycheck, then it makes sense to use that date in Q. Then when you deposit the check just "match" the transaction when you do the download. Then your 1099 & Q will match.
I haven't read this entire thread, so perhaps it's already been suggested:
Create an account that mirrors the PM's account -- similar to how you would track a mortgage CO's escrow account.
Show all their expenses and deposits when they occur to the PM in your PM account. When you deposit the PM's check, show that transaction as a transfer from the PM account to your bank account.
I find that PM's make a lot of accounting errors, so this method has another benefit: My PM account's balance in Q should match the PM's statement balance, or one of has made a mistake.
I don't have H&B but yes, it's possible. Quicken, at its heart - all flavors of Quicken - is just an accounting program that deals with debits and credits (even though Quicken shields you from these terms) so any entry I can dream up I *know* I can make in any version of Quicken. Here's how to do it in Quicken Deluxe 2007 which should pretty much guide you how to do it in H & B:
Tools > Account List > Add Account
(QD2007 then asks what financial institution holds this account, to which I'd answer "none" because I'm just using this account to get the accounting I want.)
"Choose the type of account to add" > Asset (A receivable is an asset so this makes sense, no?)
"Name this account" > End of Year Rent from PM (Name it anything you want that makes sense to you.)
QD2007 then wants to know the ending date of the "statement" and ending balance on the "statement" to which I'd answer today's date and $0 because nobody's providing me a statement and because it's March,
2007 and I only expect this account to have a balance at year end.
QD2007 then closes out the "new account" wizard and I'm taken to the new accounts register that shows an opening balance as of today of $0.
So, next January 15th I get my check, let's say it's December's rent for $1,000, and I make an entry to my new account as of 12/31/2008 for $1,000 offset to Rental Income category. Then, on the same day (1/15/2009) I deposit this check and reflect this in Quicken with a deposit to my bank account and the offset to the new receivable account. At the end of next year the new receivable account has a balance of $1,000 and 15 days later it has a balance of $0 but my bank account has gone up by $1,000.
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