Hello there, @srp4444-sbcgloba. I'd like to share some insights and advice about setting up rental categories for your properties in QuickBooks Self-Employed (QBSE).
Categories in QBSE are based on the IRS Schedule C tax form. Yes, you're correct that there isn't any category for rental income. We have the Rent and lease category however, it is used to categorize rental and lease expenses for equipment, office space, and property rentals. To learn more info on Schedule C categories and how they show up on your financial reports, please see this article: Schedule C and expense categories in QuickBooks Self-Employed.
For the time being, you're unable to create custom categories in QBSE. We're in the process of researching how we could approach dynamic categories while maintaining their main use as tax categories for tax forms. This way, we can ensure your estimated taxes are accurate.
With that being said, I would encourage you to consult and work with your accountant. They can help you set up income/expense categories for each of your properties and track them appropriately in QBSE.
Then, each time you put transactions (downloaded from your online bank account or enter manually) in QBSE, you need to categorize them. This lets the system organize your income and expenses and track them on the correct line of your Schedule C form. To further guide you in categorizing your transactions, you can refer to this article: Categorize transactions in QuickBooks Self-Employed.
Also, you may want to check out these articles as your reference in case you need to know how the system estimates your federal quarterly tax payments and the updated expense categories in QBSE:
Let me know in the comments if there's anything else you need or concerns about setting up income/expense categories in QBSE. I'm always ready to help. Take care, and I wish you continued success, @srp4444-sbcgloba.
