Hoping someone who has a knack for accounting can answer this. If you are doing the rent credit program, where each month a portion of their rent gets credited for the purchase of a home at a later time, how would you set this up in quickbooks and rent manager. Do you show it all as rent income? do you split it up as rent income and home income? Also, would you show in rent manager (or whatever management software you are using) as a loan and the home payment portion pays it down every month. Curious what the simplest accounting procedure is for this. We are in the process of transferring all our accounting over to rent manager and I want to set it up correctly the first go around
I am changing over to QB Enterprise because it is the only version that I am aware of that allows me to track seller financing properly. But the basic answer is yes you would record it as a “split” transaction so both accounts reflected the payment properly.
I don’t use rent manager so I am no help on that one.
What did you end up doing? I would line item it on the statements that are sent out and keep it on a ledger somewhere.