How to Add a Rental Property and Tenants in Quicken 2010

By Stephen L. Nelson

In order to track rental properties with Quicken, you need to add each property. After you describe your rental property or properties, you need to describe the tenants that occupy the property or properties.

1Click the Rental Property tab.

If you purchased the Rental Manager version of Quicken, you should have a Rental Property tab available in the Quicken window. If you want to manage rental properties but didn’t buy the Rental Manager version of Quicken, you can buy and immediately turn on the Rental Manager functionality by choosing Help→Add Rental Property Tools.

2Click the Properties button and select Add Property from the pop-up menu that appears.

Quicken displays the Add Rental Property dialog box.

3Enter a name for the property in the Property Name text box and a tag for the property's income and expense transactions in the Tag text box.

Optionally, you can enter the street, city, state, and ZIP code information in the appropriately labeled text boxes.

4Select the appropriate Property Type Information radio button.

You can choose from Single Unit Property and Multiunit Property.

If you indicate that a rental property is multiunit, Quicken adds the Unit Information text boxes to the Add Rental Property dialog box.

5If you have a multiunit property, in the Unit Information text boxes, name each of the rental units.

For example, you can use apartment letters, suite numbers, or some similar identifying label.

6(Optional) Mark the Yes I Want to Track the Value of This Rental Property radio button.

Select this radio button if you want to track the fair market value or your estimate of the fair market value of the rental property.

7Enter the fair market value of the property in the Approximate Value text box.

If you decide to track the net worth of the property, Quicken adds an asset account to the Quicken account list.

8Click OK.

Quicken displays the Rental Property tab, or window, with the rental property you just created.

9Click the Tenants button and select Add Tenant from the pop-up menu that appears.

Quicken displays the Add Rental Property Tenant dialog box.

10Click the Rent Details tab, then enter the renter’s name in the Tenant Name text box.

Optionally, you can use the Contact tab of the Add Rental Property Tenant window to collect and store contact information for the tenant, including work phone number, home phone number, e-mail, and so on.

11Enter the monthly rent in the Rent Amount text box.

Type in the exact figure you expect to collect each month. You don’t need to include a dollar sign.

12Select the bank account name into which you’ll deposit rent in the Account Name drop-down list box.

This list should include all the bank accounts you’ve set up in Quicken.

13Select the property (or property and unit) that the tenant occupies in the Property drop-down list box.

If the property has units, the unit appears after the property name, preceded by a plus sign — for example, Wetmore duplex+Unit A.

14Specify the rent due date by selecting from the Rent Due On drop-down list.

You can select any day of the month from this list.

15(Optional) Click the Terms and Agreement tab.

In this tab, you can document the rental agreement, recording items such as the lease term, lease start date, late fee, and so forth.

16(Optional) Click the Security Deposit tab.

Record the security deposit you collect at the start of the lease and any security deposit you return at the end of the lease.

17Click OK.

Quicken displays the Rental Property tab or window. The tenant or tenants you’ve added appear indented below the rental property they occupy.