Many real estate rental property owners struggle with inefficient paper-based or spreadsheet systems to manage rental property records. Others use personal finance software only to find that these applications fall short for property management. Quicken Rental Property Manager makes more sense for keeping real estate rental property records organized, determining profitability and for maintaining tax records.
Rent Center in Quicken Rental Property Manager
At the center of Quicken Rental Property Manager is the Rent Center. Designed in response to requests from Version 1 users, this feature is new in Quicken Rental Property Manager Version 2.
- Instantly see which tenants have or have not paid rent for the month.
- Find rental units having a lease coming due soon.
- Identify which tenants habitually pay late.
- See payment history for any given rental unit.
- View Tenant Details, where phone numbers, email addresses, security deposit, rent and lease terms are stored.
- Enter dated notes such as maintenance requests for convenient tracking.
- View and print the tenant list with property address and phone numbers.
Income and Expense Ledger in Quicken Rental Property Manager
Enter rental collections and maintenance and improvement expenses as they occur and the Income and Expense Ledger reveals real time, year-to-date cash flow.
- Split transactions into multiple categories when needed.
- ”Not Sure” category: flag an expense as “Not Sure” so you can research it or check with your accountant to determine how to classify the expense.
- Analyze your financial position by property, by date or by tax category.
- Compare rental properties side-by-side.
- Click on report totals to drill down to the individual transactions that make up the total for each category.
Tax Report in Quicken Rental Property Manager
Tax preparation can be time consuming and unnerving for the rental property owner. Because Quicken Rental Property Manager categories are aligned with the IRS Schedule E tax form, landlords can be confident of their tax reporting.
- Generate a Tax Report on the fly at any time with the Quicken Rental Property Manager Tax Report.
- The Quicken Rental Property Manager Tax Report compiles items categorized as “Not Sure” so you can easily see transactions you need to resolve in one place.
- The Tax Report can be printed out or exported to TurboTax for easy tax preparation.
One Inconvenience in Quicken Rental Property Manager
While Quicken Rental Property Manager will export data to TurboTax, it does not export to any other software at this time. For example, if you make a withdrawal from your business account to pay yourself a salary and you track this account in software such as Quicken, you must record it yourself in Quicken.Still, setting up rental property management in financial software is time consuming, may not give you the results you need to see, and you will not have all your rental property-related information in one place. So if you have neither the time nor the desire to do such a set up, Quicken Rental Property Manager will make your life a lot easier.
