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Updated about 7 years ago,
Quicken / Accounting Questions
I purchased a 4-plex last December. I'm finally to the point of organizing my business finances. I've purchased Quicken Home Business and Rental Property to do this. My two goals are to 1) make it easier on my CPA with a simple yearly report to help with my taxes and 2) monitor my profit/loss/etc. All I have to do is itemize/split the monthly transaction from the property management statement (in addition to expenses I pay myself).
First off, how do I label owner contributions? I could create my own custom category. But, I thought Quicken would be refined so I'm wondering if I'm missing something. What about owner withdrawals?
Secondly, what about security deposits? I don't see a built-in category for that either. There is a "Security Deposit Forfeit". Again, I could create my own custom category but I'm wondering if I'm missing anything.
Any other guidance would be appreciated from this novice bookkeeper.