Posting question (last question :)

Discussion in 'Quicken' started by Ed Landau, Jul 11, 2003.

  1. Ed Landau

    Ed Landau Guest

    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 Landau, Jul 11, 2003
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  2. Ed Landau

    Rick Hess Guest

    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

    Rick Hess
    New Orleans
    Rick Hess, Jul 11, 2003
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