Hi again. Some of you have had questions about how information on your properties is organized in the Quicken Rental Property Manager product. Questions like: Can I track each property separately, or all together? And how might this differ from how Quicken would track my rental properties? Is there a balance sheet for each property?
We organized the Quicken Rental Property Manager product around the way you think: by Property. Each property has a separate set of transactions – so it’s easy to see exactly what’s going on with each of your properties. You can see this on the main screen (i.e., the Ledger) and you can run income and expense reports to see the details, again by Property. So, it’s very easy to keep things separated by property.
The Quicken Personal Finance Software, on the other hand, is organized by Account. You can easily see your running balance in a particular checking account that would have all of your transactions, both personal and those that apply to your rental properties.
In talking with rental property owners, we found that most use several different financial accounts for a property (checking, credit card) – and often use more than one checking account for the property (i.e., usually when you have to pull from your personal checking account to cover things going on with your rental property). So we do not ‘tie’ a particular financial account with each of your properties.
There is currently no capability to generate a balance sheet per property. Please continue to provide your feedback on the product (including enhancements you’d like to see) … we’re planning to build what you ask for! You can submit feedback from within the product, on our Support site, or discuss your ideas with other rental property owners on our forum.
To better understand how your rental property data is organized in the product – I recommend watching a quick demo of the product (see Demo section on the right hand side of page).
If you're interested in discussing this post with other users, please visit our forum.
Until next time …
Theresa
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