Accounting Set Up Basics

[Brien OConnor]

We already have one SFR and are about to close on the second one. Confession - I haven't set up my accounting yet. I have all my receipts and documents. I plan on using a bookkeeper and Quick-books. Any BASIC suggestions I can provide her. I don't believe she's done any bookkeeping for Rental Property. OR is there a tutorial available that some may suggest?

Second, do we need to keep the second home a separate entity in Quickbooks?

[Daniel Hyman]

Brien OConnor I agree with Thomas Graham No need for multiple entities in QB. Just make sure you have a version that allows for class-tracking and assign each property to its own class.