Quicken 2005Pro
I am setting up Quicken to show the monthly apartment rent that comes in from my three tenants.
Are there any compelling reasons one way or the other to make one Accounts Receivable account for all three tenants or to make a seperate Accounts Receivable account for each of the three tenants?
I started by making one account for one tenant and I see that account shows up in the Business Center. After I make three, I suppose all three will show up there. Thats not bad, but over the years as tenants move out and new ones move in, would the list of these accounts that show up there keep growing, or would I never see more than three in any given year, or maybe four in a year where I had 4 tenants because one moved out and another in?
I was thinking of entering an invoice for each months rent and then recording when the payment was received in order to use accrual type accounting which I understand is a little more accurate and realistic than the cash method (just recording when rent is received.)