Adding Rental Property to MS Money 2007

Hi;

I am a new user to money. I have one rental house. What is the best way
to add it to ms money to track income and expenses? I am looking for
something very basic. I have managed it for the last ten years on paper
and have always done my own taxes. 

Thanks for any help
Pat

0
curranpg (15)
11/4/2006 10:55:14 PM
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I am thinking of adding a new "Bank Account" called 310 Judy (The
address of the house). Then my rental income would be deposits to the
account and my expences would be the withdrawls. Is this a viable
option or am I going to run into problems later?

Thanks
Pat

0
curranpg (15)
11/4/2006 11:22:57 PM
So why change?

"komobu" <curranpg@gmail.com> wrote in message 
news:1162680914.522531.72770@i42g2000cwa.googlegroups.com...
> I am looking for
> something very basic. I have managed it for the last ten years on paper
> and have always done my own taxes. 


0
11/4/2006 11:54:52 PM
I tend to think it's not a viable option since the account matched nothing 
in the real world. Where do you deposit the rental income? Not in some 
virtual account, I'm betting.

You don't state what your objective is for changing from your present manual 
scheme nor how/if you are already using Money for other things. If you are 
really comfortable doing what you've been doing, it's mighty hard to imagine 
how Money could be "simpler".

My approach would be to use Classification and just classify all 
expenses/income related to the property with a property-specific 
classification in addition to normal categorization. Then I'd use reporting 
for just that classification to get out the income/expenses associated with 
that property. But I'm already tracking lots of stuff in Money. See 
http://umpmfaq.info/faqdb.php?q=185 and the online help, pathetic though it 
may be, for more info on classification.

"komobu" <curranpg@gmail.com> wrote in message 
news:1162682577.427425.305780@e3g2000cwe.googlegroups.com...
> I am thinking of adding a new "Bank Account" called 310 Judy (The
> address of the house). Then my rental income would be deposits to the
> account and my expences would be the withdrawls. Is this a viable
> option or am I going to run into problems later? 


0
11/5/2006 12:01:39 AM
Dick Watson wrote:
> So why change?
>
Well; at the end of the year, I total up 12 different statements and a
bunch of repair reciepts and other items to see what my income and
expenses are. Then I have to figure out what I spent on mgmt fees
utilities, insurance etc. for my Schedule E Tax Form. Everything in the
Schedule E Form has to divide out into the following areas:

Rents Recieved
Advertising
Cleaning and Maintenance
Commissions
Insurance
Legal Fees
Management Fees
Mortgage Interest
Other Interest
Repairs
Supplies
Taxes
Utilities

This "Bank Acct" works alright in that any income gets moved to my
primary bank account. All of my expenses fits nicely into one of the
above catagories. The only small quirk is that I cant figure out how to
make a subcatagory of my "Rental Property" catagory as an income. It
wants everything to be an expense. The only small quirk is that in a
perfect world, my Rents Recieved would be a positive number and every
other area would be a negitive. My grand total would be my Rents
Recieved minus my expenses. Since everything this way is an expense, my
Grand Total shows as a huge negative value. It will be easy enough for
me to remember to switch that to an income on my taxes though.

Thanks for your time and advice to this group. I would have probably
already returned the program if not for it.

Pat

0
curranpg (15)
11/5/2006 2:00:25 AM
If your existing scheme is working, maybe you don't want to depart too far. 
You might want to rename "Rental Property" something like "Rental Property 
Expenses" and then add a symmetric "Rental Property Income" (maybe even with 
no subcategories).

"komobu" <curranpg@gmail.com> wrote in message 
news:1162692025.341608.108140@e3g2000cwe.googlegroups.com...
> The only small quirk is that I cant figure out how to
> make a subcatagory of my "Rental Property" catagory as an income. It
> wants everything to be an expense. The only small quirk is that in a
> perfect world, my Rents Recieved would be a positive number and every
> other area would be a negitive. My grand total would be my Rents
> Recieved minus my expenses. Since everything this way is an expense, my
> Grand Total shows as a huge negative value. It will be easy enough for
> me to remember to switch that to an income on my taxes though.
>
> Thanks for your time and advice to this group. I would have probably
> already returned the program if not for it. 


0
11/5/2006 2:18:18 AM
I'm with Dick... If what you're doing is working... All that said...

I use Money Small Business and I'm able to map my rental income and expenses 
to Schedule E. I don't know if the other versions of Money have this 
capability. I created NEW categories and subcategories specifically for my 
rental property (I also only have one). Then I run a tax report to see where 
I am - sort of like the Income and Expense report. This works for me.

"komobu" wrote:

> 
> Dick Watson wrote:
> > So why change?
> >
> Well; at the end of the year, I total up 12 different statements and a
> bunch of repair reciepts and other items to see what my income and
> expenses are. Then I have to figure out what I spent on mgmt fees
> utilities, insurance etc. for my Schedule E Tax Form. Everything in the
> Schedule E Form has to divide out into the following areas:
> 
> Rents Recieved
> Advertising
> Cleaning and Maintenance
> Commissions
> Insurance
> Legal Fees
> Management Fees
> Mortgage Interest
> Other Interest
> Repairs
> Supplies
> Taxes
> Utilities
> 
> This "Bank Acct" works alright in that any income gets moved to my
> primary bank account. All of my expenses fits nicely into one of the
> above catagories. The only small quirk is that I cant figure out how to
> make a subcatagory of my "Rental Property" catagory as an income. It
> wants everything to be an expense. The only small quirk is that in a
> perfect world, my Rents Recieved would be a positive number and every
> other area would be a negitive. My grand total would be my Rents
> Recieved minus my expenses. Since everything this way is an expense, my
> Grand Total shows as a huge negative value. It will be easy enough for
> me to remember to switch that to an income on my taxes though.
> 
> Thanks for your time and advice to this group. I would have probably
> already returned the program if not for it.
> 
> Pat
> 
> 
0
Geri (17)
11/5/2006 4:43:02 PM
Deluxe 07 does. Previous versions probably do, as well.

As Dick advised, I would map all income and expenses to appropriate rent 
income/expense categories and subcategories. If more than one property, use 
classifications to assign the expense to the appropriate property.

Classifications are purely for your own analysis. Categories and 
subcategories determine what tax form/line it's reported on.

"Geri" <Geri@discussions.microsoft.com> wrote in message 
news:71AE8279-FA2B-4CED-9385-927F6A6B3DF8@microsoft.com...
>
> I use Money Small Business and I'm able to map my rental income and 
> expenses
> to Schedule E. I don't know if the other versions of Money have this
> capability. 


0
spam_magnet (1210)
11/5/2006 6:13:43 PM
Reply:

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