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Best way to set up a rental property account

I have a rental property which I manage.  Rents received are deposited into my checking account, maintenance costs are paid for from my checking account.If I set up a separate account for the rental property and record the activity only in this account, my checking account record is incorrect.  If I record all activity only under the checking account, I have to run reports to segregate the rental property activity if I want to see its net worth.  If I set up both accounts and record the activity in both, the total net worth is incorrect because the activity is accounted for twice, both income and expenses.
Is there a way in Quicken 2006 to create an account as a subset of another account, so that I can easily maintain the activity of the rental property separate from my other income and expenses, but so that all income and expenses are properly reflected in my checking account, which needs to be accurate to have any meaning to me?
Thanks,Mike H.
    "I have a rental property which I manage.  Rents> received are deposited into my checking account,> maintenance costs are paid for from my checking> account.> > If I set up a separate account for the rental> property and record the activity only in this> account, my checking account record is incorrect.  If> I record all activity only under the checking> account, I have to run reports to segregate the> rental property activity if I want to see its net> worth.  If I set up both accounts and record the> activity in both, the total net worth is incorrect> because the activity is accounted for twice, both> income and expenses> > Is there a way in Quicken 2006 to create an account> as a subset of another account, so that I can easily> maintain the activity of the rental property separate> from my other income and expenses, but so that all> income and expenses are properly reflected in my> checking account, which needs to be accurate to have> any meaning to me?"

    There is really no need to have separate checking or credit card accounts for tracking rental income and expenses. I have tracked multiple rental properties <using QW Basic> and the income/expense items are co-mingled with my other items.The key is to properly categorize the income/expense items and then you can easily create customized reports to present desired summaries. Use the Memorize Report feature to save a report once you have it set up to your liking.QW has a comprehensive list of rental income and expense categories. If they are not currently visible in your category list you can add them. In the category list view, click on 'Add From List'. In the pop-up window scroll down the list 'Available Categories' to find 'Rental & Royalties'. Select the desired categories and 'Add' to you category list. These categories will carry the proper tax line assignments for Schedule E tax reporting. QW's Tax Schedule Report will include a header 'Schedule E' and under this header will be the itemized income and expenses for preparation of your Sched E tax forms.Do you anticipate acquiring additional rental properties down the road? If so, you will find it useful to use Classes to differentiate between rental properties. E.g., a class for a particular property might be '123Main'. Rental income for this propert might be categorized 'Income:Rents Received/123Main'. In setting up each class, you will assign 'Copy No's' to each class - 1,2,3,,,,. QW will then automatically subtotal the Sched E items for tax purposes by property.Bottom line, I think you will find QW does a very good job of handling rentals and without a lot of extra work. Again the key is setting up the categories <and classes if needed> and the customized reports.

    Post back if you have further questions on this.
      Check Quicken HELP and search for "classes".Your answer lies within the use of classes.
        JM,Thank you for the tips.Joel

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