Benefits and Usage Of Quicken Rental Property Manager [Tutorial]
The Quicken Rental Property manager tool is a One-stop solution for landlords to manage all the financial calculations of renting land or property. The tool offers to manage all the calculations in an easier way to save a lot of your time. Along with this, users can also use this tool to manage Personal finances. The Quicken software is designed specifically for Management of personal finances.
Things to Configure for Quicken Rental Property Manager Tool
- Create or add a Quicken Account.
- Link the Property in the Quicken Account.
- Select the tenant and designate the property.
- After that Import the Data.
Perks of Using Quicken Rental Property Manager Tool
Total Worth Calculation:
If you have a rental Business then it is a must to keep a track of all your renting properties to know about the complete worth of your assets. The Rental Property manager tool avail to keep the track of all the data of your renting properties no matter single or multi-unit residence. With this property manager tool, you can know the worth of your assets as the total value of your assets determine your total worth.
Tenant Information Management
With the Quicken Property manager tool, You can manage the important information about your tenants in a Convenient Way. the tool allows you to manage the following information about the tenant.
- Tenants Personal Information
- Information about residents other than the actual tenants in the residence.
- Rent Remainders to the Tenants to avoid any delay.
- Starting and ending date of the lease.
- Check-in and Check-out date.
- Transaction details of the payments and refunds.
- Security Deposit details.
The Property manager tool avail users to manage the rent expense from all the tenants in a convenient way. This way you can easily track your expense and revenue from each tenant and you can compare your expenses with the rent your receive from the residence business. You can use the graphs to understand this in more detail.
Along with the renting business, the tool can be also used to manage personal finances that include features like credit card management, banking, investment, etc. Hence,, this tool can be a one-stop solution for your personal finances and rental Business management. Even in the latest release, it can be accessed with mobile apps too.
Tax Season Preparation:
The property management tool keeps a proper track of all the expenses that also include roof replacement and Update in the Equipment of your office. This data can be imported to the Tax preparation software to calculate the taxes properly.
Add Property In Rental Property Manager Tool
In order to add the Property in the Quicken Rental Property manager tool, the first thing that you will be required to do is to notify the Quicken software about it. After that, you will be needed to choose whether the property is single unit or multi-residence. Once you are done with this, then provide a name to the rental property and link it to the Quicken House Account. Follow these steps to list a Property in the Quicken Software.
- Open the Rental Property Tab window in Quicken software.
- Now choose Properties and tenants and then go to the add property option.
- Provide the essential details like name, address, etc.of the property.
Multi-Unit Property Management
- Add a Unit Name and number to each unit in the property.
- If you are reqruied to add more units then click on Add option.
- You will be reqruied to have at least one unit to start the Multi-unit Property feature.
- Now use the diagnose feature to know the exact value of the property.
Steps to Evaluate the Value of Rental Property In Tool
The quicken software will automatically create a virtual property after adding the details and provide an opening balance to the property based on its nearest property details.
- Open the Quicken software and click on “track value of the rental property”.
- After this press the “Yes” option when prompted to accept that you want to track the value of the property in order to create a new house account to link the property.
- After this, enter an estimated value of the selected property.
- Choose the “Yes, I am tracking the value of the property” option and mark the “No I will do this later to decide later” option.
- Finally, click on Ok option to evaluate the value of the Rental Property.
So this way you can evaluate the value of a Rental Property using the Quickbooks Rental Property manager tool. In this article, we have explained above how you can download and use the Quicken Rental Property manager tool. In Case, you have encountered Quicken error CC-502 while updating the bank account then update your Quicken Software to the latest release to fix this error. while In case, You have any query then feel free to contact the Professionals.