Track rental property profit and loss
About tracking rental property profit and lossThe Profit/Loss page shows your income, expenses, and net profit or loss for each rental property you track in Quicken. This snapshot includes every rental property transactionfor each rental property, no matter which type of account the transaction is in. Use this information to help gauge the profitability of your rental properties.
- In includes rental property income you've already recorded as well as the rental property income that is scheduled but still needs to be recorded.
- Out includes rental property expenses you've already recorded as well as the rental property expenses that are scheduled but still need to be recorded
- Profit/Loss reconciles the inflows and outflows, so you can immediately see if you brought in more money for the month or if you spent more than you made.
The In/Out/Profit/Loss snapshot shows a combination of actual and projected values for the current month by default. You can also see actual values for past months and projected values for future months by clicking the arrows on either side of the date above the snapshot. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled expenses and income that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.
The In/Out/Profit/Loss snapshot shows actual values for past months, a combination of actual and projected values for the current month, and projected values for future months. Future (projected) values and estimates in the In/Out/Profit/Loss snapshot are made up primarily of bill and income reminders. Bill and income reminders are scheduled expenses and income that you've told Quicken about. For example, you can schedule monthly bills such as rent and income such as payments so they appear in the Out area of the snapshot.
The "big picture" provided by In/Out/Profit Loss is supplemented by other convenient and intuitive tools that provide insight into your rental property finances:
- The Bill and Income Reminders tab displays future rental property transactions.
- A tax deduction section shows tax-deductible expenses that are already associated with the correct tax line item as well as those that still need attention.
- Click the Rental Property tab.
- Click the Profit/Loss button.
- View the In/Out/Profit/Loss snapshot that appears at the top of the page.
- What is meant by terms like projected profit, last month's profit, change from last month, and so on?Click the help (question mark) icon next to any term to see an explanation of the term.
- How do I get more detail about the transactions this snapshot is based on?Click any blue text within the snapshot to display a minireport for that type of transaction (for example, just recorded income or recorded expenses). Or click Profit/Loss Details to display a summary report of all transactions on which the snapshot for a particular month is based.
- Which transactions appear in the In/Out/Profit/Loss snapshot?
This snapshot displays rental property transactions for each rental property, no matter which type of account the transaction is in. For example, rental property transactions can be in a banking account, a dedicated rental property banking account, or both.
- How do I add transactions?
- Enter transactions directly in the register of the account; otherwise, choose Add Reminderto set up a reminder in Quicken.
- Enter information about the transaction. If you need assistance, click the Help icon.
- Click OK.
- How can I change an incorrectly categorized transaction?
Assign a different category to the transaction.
- How can I change an incorrectly tagged transaction?
If you incorrectly tagged a transaction, you should modify the tag in the transaction.
If you assigned the incorrect tag to a rental property, you should edit the rental property.
- If you're tracking more than one rental property in Quicken, select another rental property in the Show list above the snapshot to view the profit and loss details for it.
- Why do I see a choice called Unknown rental property?
Quicken displays this option when it is unsure about which rental property a transaction belongs to. In this way, Quicken alerts you about discrepancies that need resolving.
Things you should look for include:
- A single transaction with more than one rental property tag.
- A rental property transaction without a rental property tag.
Notes
- What is the Rental Property Reminders tab for?
This tab displays the scheduled rental property transactions you've previously set up.
- Is there anything special I need to know about scheduling bills & deposits in the Rental Property tab?
The basic steps for adding and processing scheduled bills and deposits are essentially the same throughout the product.