Posting question (last question :)


E

Ed Landau

I get a monthly rent check. Sometimes I forget to deposit it for a month.
I'd like to be able to say for a particular transaction: "I deposited it on
day X, but please report it as day Y in reports". This way, a report
showing multiple months will show a steady income as opposed to no income in
one month and double the next.

Any help would be appreciated.

Thanks a lot.

-Ed
 
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R

Rick Hess

Ed Landau said:
I get a monthly rent check. Sometimes I forget to deposit it for a month.
I'd like to be able to say for a particular transaction: "I deposited it on
day X, but please report it as day Y in reports". This way, a report
showing multiple months will show a steady income as opposed to no income in
one month and double the next.
You could create a "Rent Received" account to show when you RECEIVED the
check. Then do a transfer from that account to the account that actually
receives the money on the day when that happens.

Here's a good reason for implementing this method:

The IRS says you have to report rental income when you have "constructive
receipt" of the money. This usually equates to when you RECEIVE the
check -- not when you DEPOSIT it. So, if you receive a check on 12/5/03,
but don't deposit it until 1/5/04, you (usually) still have to report the
income in 2003.

So, implementing this method will keep your Quicken file "tax correct" for
your reports to your tax preparer, or data transfer to your tax prep
software.


Rick Hess
New Orleans
 

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