Home > Support > Add a Tenant in Quicken Rental Property Manager

Add a Tenant in Quicken Rental Property Manager

Updated: 5/23/2012 | Article ID: GEN83230

About adding a tenant

Add rent details, contact information, and financial information for your tenant. Fields marked with a red asterisk (*) are mandatory.

  1. Click the Rental Property tab.
  2. Click the Properties & Tenants button and choose Add Tenant.
  3. In the Rent Details tab, fill in the requested information.
    • What do I select in the Account name list? You need to select a rent account in the Account name list. A rent account can be any checking, savings, or cash account to collect rent for the tenants. Create an account in Quicken if you don't have one yet. Click Add Account in the Account Bar to create a new account.
    • What is a rent account? A rent account can be any checking, savings, or cash account to collect rent for the tenants.
    • What if I delete a rent account? You can delete an account only if there is no transaction in the account register, and if you have not used the account in any scheduled transaction.
      If you delete a rent account, you will not see the account name in the Account name list. However, you can see hidden accounts in the Account name list if there is any scheduled transaction for the hidden account.
  4. In the Contact tab, fill in the contact information for the tenant. (Optional)
    • Tell me about entering information here. Additional Occupants: In the Notes field, enter names of people who stay with the tenant, but don't pay you rent. For example, spouse, children, or parents.
  5. In the Terms & Agreement tab, fill in the terms and agreement information. (Optional)
    • Lease start date
      • Is the date when the lease begins.
      • Can't be later than the move-in date, move-out date, or lease end date.
      • The tenant may move in once the lease starts, and start until the lease ends.
    • Lease end date
      • Is the date when the lease ends.
      • Can't be before the lease start date, move-in date, or move-out date.
      • Not required if the lease term is month-to-month.
      • If the lease term is sex months or one year, Quicken calculates the lease end-date from the lease start-date.
      • The tenant can stay in the property until the lease end-date.
    • Move-in date
      • Is the date the tenant actually moves in to the property.
      • Can be after the lease start date if the tenant moves in after the lease starts.
      • Must be within the lease term selected.
    • Move-out date
      • Is the date the tenant actually moves out of the property.
      • Can be before the lease end date.
      • Must be within the lease term selected.
      • Quicken stops the rent collection reminders on the move-out date.
  6. In the Security Deposit tab, fill in the security deposit information for the tenant. (Optional)
    • What happens when I enter data in the security deposit collected field? Quicken creates a liability account named "Security Deposit Liability," and adds the security deposit amount in the Increase column. If you already have a Security Deposit Liability account, Quicken adds a new transaction in the account register. You can see this account in the Account Bar under Rental Property.
    • What happens when I enter data in the security deposit returned field? When you enter the Security deposit returned, Quicken makes an entry in the Security Deposit Liability account register to clear the liability for the deposit amount.
    • How should I handle security deposits that I keep? When the security deposit returned is less than what you collected, enter separate transaction(s) to adjust the difference. Enter the adjustment transaction(s) in any checking or savings account-do not use the Security Deposit Liability account for the adjustment transaction(s).
      Note: The Security Deposit Liability account is used only to track the security deposit liability. Entering the adjustment transaction in this account shows incorrect net worth value.
  7. Click OK.

Notes on adding a tenant

  • Always add a tenant before you enter rental income for a property. If you enter rental income in the Income & Expense ledger for a payee whom you have not added as a tenant, the income does not appear on the Rent Center page.
  • In Quicken, you need to add at least one property and one checking account before you can add a tenant.

Edit tenant information

  1. Click the Rental Property tab.
  2. Click the Properties & Tenants button and choose Show Tenant List.
  3. Select the tenant whose information you want to edit.
    • Why can't I see my tenant in this list? If you selected the Hide tenant check box, Quicken does not display the tenant in the Tenant List. Select the Show hidden tenants check box in the Show Tenant List dialog to view all hidden tenants.
  4. Click Edit.
  5. In the Rent Details tab, modify the basic tenant information as necessary.
    • What if I delete a rent account? You can delete an account only if there is no transaction in the account register, and if you have not used the account in any scheduled transaction.
      If you delete a rent account, you will not see the account name in the Account name list. However, you can see hidden accounts in the Account name list if there is any scheduled transaction for the hidden account.
  6. Select the Hide tenant check box if you want to hide the tenant.
    • Why should I hide the tenant? Hide tenants to protect your historical data. If you no longer need to see the information of a tenant, don't delete the tenant. Instead, you can choose to hide the tenant. When you hide a tenant, Quicken does not display the tenant in the Tenant List.
      You can unhide the tenant anytime if you need to.
  7. Under Rent Collection Reminder, select the appropriate option.
  8. In the Contact tab, modify the contact information for the tenant as necessary. (Optional)
  9. In the Terms & Agreement tab, modify the terms and agreement information as necessary. (Optional)
  10. In the Security Deposit tab, modify the security deposit information for the tenant as necessary. (Optional)
  11. Click OK.
 
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