I'm currently using Quicken 2006 H&B and would like to use it to track properties that I am planning on acquiring in the future. Below are assumptions that I have made about how to set it up.
· create categories to match Schedule E · each tenant - customer · each property - class (ex. PropA, PropB, etc.) · "Rental Income" - invoice item. Do not include "per item rate" so the item can be used for multiple rates. · checking account - business: spending account · each property - business: asset account· each month create an "Rental Income" invoice for each customer(tenant) using the appropriate category, class indicating the property(ex. PropA, PropB, etc.), and rate.
· create a payment to pay the invoicequestions.
Are there any benefits to creating a separate Quicken file for tracking investment properties from my current Quicken file?
Should I set up each property as an "Asset" or "House(with or without Mortgage)"?
If I set a property up as an Asset, how do I handle the loan?
Can I later import my data to QuickBooks?
What additional functionality will QuickBooks give me for tracking investment properties?
Obviously I will consult an accountant before anything I do, but I would still appreciate your feedback.