How to Record Tenant Rent Payments in Quicken 2010 - dummies

How to Record Tenant Rent Payments in Quicken 2010

By Stephen L. Nelson

The Quicken Rental Property Manager gives you an easy way to record rent payments you receive from tenants at your rental properties. After you describe your properties and your tenants to the Rental Property Manager, you can begin recording tenant rent payments as tenants pay you, the lord of the manor.

1Click the Rental Property tab.

This tab displays all the rental property information you’ve added to Quicken.

2In the Tenant column, select the tenant for whom you want to record rent.

Quicken highlights the tenant information and adds two, tiny, rather cute buttons labeled Enter and Skip to the tenant information.

3Click the tenant’s Enter button.

Quicken displays the Enter Transaction dialog box. Quicken knows most of what it needs to know in order to record the rent payment: the property, the tenant name, the rent amount, and so on.

4Make any necessary adjustments to the transaction information to make it correct and complete.

You might want to edit the contents of the Memo text box, for example. Or you may need to assess a late fee if the tenant has paid late.

5Click Add to record the transaction.

Quicken adds the rent payment to your records, recording the rent check as a deposit into the specified bank account. Behind the scenes, Quicken tags the transaction as income related to a specific property — just as you want it to do.