Community Discussion: Rental Dashboard does not show rents received from split transactions
Found at:
There appears to be some misunderstanding in the referenced discussion.
There is no problem correctly recording and reporting rents received simply because the transaction is a "split transaction". If the rules for applying rental income to a property being tracked in the Quicken "Rent Center" are followed, split transactions containing rental income will work just fine.
The keys to getting rent applied to the correct property and tenant in the Quicken Rent Center are:
- The transaction must have a date that falls within the correct period, as established in the Add/Edit "Rental Property Tenant" dialog in the Quicken Tenant List
- The transaction must have the correct Tenant name
- The transaction must have the correct Property Tag
- The transaction must have an appropriate Schedule E tax line item assigned
The problem the original poster is experiencing is likely caused primarily by not having the correct tenant name assigned to the rent income; and that's because when using a single split-transaction to record the rent paid by multiple tenants, there is no way to assign the correct tenant name to each tenant payment (there's only one "payee name" for all the lines in a split transaction).
But there can be a problem for "managed properties" even if the user is renting out only one property (meaning that the rent income transaction applies to a single property/tenant). Most users employing a Property Manager will probably record the rent income transaction payee name in Quicken as the name of the Property Manager - but in the Rent Center, they will use the actual name of the tenant. Even if all the other criteria for a rent income payment are met, when the transaction payee name does not equal the tenant name, the income will be correctly assigned to the property, but not to the tenant.
The original poster makes a second post asking if the way to handle his situation is to create an intermediate account (an "undeposited funds account"): the answer is Yes.
Using an intermediate account: When the rent income transaction is received from the property manager, it can be recorded in the Quicken account that represents the real-world account (typically a checking account) where the rent income was received - with the Property Manager as the payee. That transaction should be categorized as a transfer to the Quicken intermediate account used for processing rent transactions.
The user can record the Quicken rental property income transactions (whose rent was included in the payment received from the Property Manager) in the Quicken intermediate account: one transaction per property/tenant. These transactions must be given a date that will fall in the appropriate property rental-period, regardless of the date the actual rent check was received (recorded in Quicken).
When all Quicken rental income transactions for a given rent check received from the Property Manager have been recorded, the intermediate account balance should be zero. And each Property/Tenant should display correctly in the Quicken Rent Center.
[One user appears to think that the Quicken account "Intent" ("Rental Property", in this case) should play some role in the problem of this discussion: that's a false assumption. The "Intent" of a Quicken account has nothing to do with how its transactions will be "interpreted", it just controls what Quicken "Group" the account will appear in when viewing the Account List, the Account Bar, the Accounts tab of Quicken Customize dialogs - and in Quicken reports/features.]