Tell me about rental property tags
A rental property tag is a specialized tag that Quicken uses to group the transactions for a rental property. In a multiunit property, each unit also has a tag.
Rental Property Tag - In Quicken, a tag associated with a rental property becomes a rental property tag. Similarly, a tag associated with a unit of a property is a unit tag. Quicken uses tags along with the property name to group the transactions for the specified property in the Rent Center snapshots, the Tax Planner, and reports.Give me an exampleIf you refer to your property at 310 Central Park, as 'Central Park', enter property name as 'Central Park' and the tag as 'Central'.
After you add the rental property tag and apply the rental property tag to the appropriate transactions, Quicken displays the data for your rental property in a number of ways.
Adding a rental property tag to Quicken
When you add a rental property to Quicken, you tell Quicken the name of your property or unit, and the tag you want to use for the transactions for that property or unit.
Using a rental property tag with a transaction
When you enter a transaction in Quicken, you have the option to include a tag. When one of the tags you include is a rental property tag or unit tag, Quicken can associate the transaction with the appropriate rental property or unit.
- If I just track one rental property, do I need to include the rental property tag in every transaction?
Yes, you need you include the rental property tag or the unit tag in every transaction.
- What if I include more than one rental property tag?
When a transaction includes more than one rental property tag, Quicken can't tell how much of the transaction belongs to each rental property. Therefore, Quicken doesn't display such transactions in the Rent Center, but instead displays the transaction under Unknown Rental Property.
If you have transactions appearing as an Unknown Rental Property in the Rent Center, you can resolve the issue at any time.
- What if the transaction I need to enter belongs to more than one rental property?
If you have more than one rental property, there are times when you might make a single purchase that you want the rental property to share. In this case, you should enter the transaction with the same payee and category, but you should split the transaction to ensure that Quicken tracks the correct amount for each rental property. As you split the transaction, assign the correct tag to the appropriate amount in the Split Transaction dialog.
Review your rental property data
There are a number of ways to view your rental property data in Quicken:
- Quicken rental property reports display information about your rental property in a clear, easy-to-read format. Available reports include tax reports, cash flow reports, and cash flow comparison reports
- The Profit/Loss page shows your income, expenses, and net profit or loss for each rental property you track in Quicken.
- Quicken includes the balances of your house accounts along with the balances of your personal accounts to determine your net worth, which you can review in the Property & Debt tab or as a report.
This feature requires Quicken Rental Property Manager. Learn how you can upgrade Quicken in minutes.