Reconciling actual rental income with the amount received from the property management company in QBO

Welcome to the Community space, Patrick471

Let's resolve the payment differences using the Resolve Difference feature. This helps match your transactions by resolving its difference until it will be equal to zero. I'll show you how:

1. Select Transactions from the sidebar menu.
2. Go to the Banking tab, then choose the appropriate bank account.
3. Select the For Review tab to start your review.
4. Find the downloaded transaction you want to match, then select the Find match option.
5. Adjust the filters, then review the matching records found in QuickBooks. 
6. Select the transaction to match, then click the Resolve Difference option to enter a resolving transaction.
7. Enter the necessary information, then adjust the amount of each transaction to zero out the difference.
8. Click Save when you're done.

Here's a link that can help you out that can keep a certain amount of money on deposit: Record a retainer or deposit

You can check these articles for more insights about the process:

• Add and match downloaded banking transactions.
• Categorize and match online bank transactions

As always, I'm only a few clicks away if you should have questions about this or anything else. Take care.

Hello there, @Patrick471.

I've got some insights to share about how to manage your deposits in QuickBooks Online.

You can exclude the deposit from the downloaded bank transactions since there's no transaction created in QBO for this entry. After that, you can manually add them as income. This way, you'll be able to keep your records in the system accurate.

To do that:

1. Go to Banking menu on the left panel.
2. Choose Banking tab.
3. Check the box for beside the transactions you want to exclude.
4. Click the Batch actions drop-down and choose Exclude Selected.

For more details about this process, please see this link: Learn how to exclude a downloaded bank transaction.

On the other hand, you can record the deposit as a retainer for the property management company. Doing this can help you reconcile the entry since it will be tracked as income once an invoice is made.

The retainer or deposit is treated as a liability to show that, although your business is holding the money from a deposit or retainer, it doesn't belong to you until it's used to pay for services. 

To make this possible, you'll need to create a liability account to hold the deposit then create a retainer item afterward. Once done, create Sales Receipt or Invoice for deposits.

Here's how to add a liability account:

1. Select the Gear icon, then select Chart of Accounts.
2. Click on New.
3. From the Account Type ▼ drop-down menu, select Other Current Liabilities.
4. From the Detail Type ▼ drop-down menu, Client Trust Accounts - Liabilities.
5. Enter a name for the account (ex. Trust Liabilities) or accept the suggested name.
6. Select an option from the When do you want to start tracking your finances from the is account in QuickBooks? dropdown list.
7. Select Save and close.

To give you the complete procedure, please follow the instructions found in this article: Learn how to record a retainer or deposit in QuickBooks Online.

After that, you can now reconcile your bank transactions properly. I've added here some resources that can help you reconcile your entries smoothly:

• Fix issues at the end of a reconciliation in QuickBooks Online
• Learn the reconcile workflow in QuickBooks

I'll be here if you have follow-up concerns about this or should you need anything else. Just leave a reply below. Have a good one!