<topic sku="core" tNum="288797" author="" xmlns="x-schema:hhTopicSchema.xml"><index><title>Track income and expenses for a rental property using classifications</title><category>categories</category><klink type="prcdr">How do I track income and expenses for a rental property using classifications?</klink></index>
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<tease>Why?</tease>
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<p>If you have rental property, you can track its related income and expenses, and keep them separate for reporting and tax purposes.</p>
<p>You can track your rental property using categories or classifications. If you choose to use classifications, another line will be added to all your transaction forms, as well as to every register entry, regardless of whether the transaction involves the rental property. You will need to leave that line blank if the transaction does not involve the property.</p>
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<ol>
<li>Go to the <emph>Set up your Classification</emph> page.</li>
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<tease><showme/></tease>
<reveal>
<ol>
<li>On the <emph>Accounts & Bills</emph> menu, click <emph>Categories & Payees</emph>.</li>
<li>In the left pane, click <emph>Classification 1</emph> or <emph>Classification 2</emph>.</li>
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<li>Under <emph>Type</emph>, click <emph>Properties</emph> or enter an appropriate name.</li>
<li>Click <emph>OK</emph>.</li>
<li>Create a new class for each property.</li>
<p>For a property with multiple units, create a class for the building, and then create a subclass for each unit.</p>
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<tease><showme/></tease>
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<ol>
<li>At the bottom of the page, click <emph>New</emph>.</li>
<li>In the <emph>Name</emph> box, enter a name for the property, and then click <emph>OK</emph>.</li>
<li>Click <emph>New</emph> again if you want to create another class for other properties or a subclass for units in a building.</li>
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<p>Your new classification will appear when you enter transactions in the account register.</p>
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<li>When you enter a transaction related to the property, assign it to the appropriate classification.</li>
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<tease><showme/></tease>
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<ol>
<li>On the <emph>Accounts & Bills</emph> menu, click <emph>Account List</emph>.</li>
<li>Click the account you want, and then click <emph>New</emph>.</li>
<li>Select the rental property class in the classification you created, and then complete the transaction.</li>
<p>The classification appears below the <emph>Category</emph> box and is labeled with the name of the classification you created. If your classification includes subclasses, the subclasses appear in the box to the right of the class or below it.</p>
<p>To edit an existing transaction, find it in the account register, and double-click it.</p>
