Investor · Cedar Rapids, IA · Member since 2014 · 205 posts · 80 votes
Hello!
I am trying to set up Quickbooks Pro in the most efficient way possible, but where I can easily get to all information that I might need too. I have entered my property management statements into Quickbooks by editing the deposit amount that is on my bank statement. Inside the deposit, I enter all the collected rents as deposits and also make negative transactions for all the bills my property manager paid for me such as utilities, contractors and the management commission. The advantage to doing it this way is that it is easy to reconcile because the deposit matches the bank statement, but the disadvantage is that the information doesn't transfer into the Vendor center. I would really like to be able to be able to go into the vendor center and see when I have paid each vendor and how much.
Is there a way to have all the transactions in my management statement be contained in the one deposit for easy bank reconciliation AND have each bill paid by my property manager show up in my vendor center?
I assume I have to choose which one I would prefer, but I would appreciate any tips that anybody might have. Thanks so much!
Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
9y
@Austin Davis If you want to track each and every detail, you should be paying the bills not your property management company.
So let me ask you, do you want to spend all that time to rekey? Why? When ever you want the details you can always reveiw the statements. I would just enter a summary.
NOW if you want to do it - here is a solution create a clearing bank account:
- write checks from that account
- record money received
- that will leave you with a balance. Transfer the balance to the bank you deposited the money to
I advice against it. We have a system in place and works for our clients.
Hoping you are making the payments for all capital improvements that needs to be depreciated. That way you can pull up a report with details for depreciation at the end of the year.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y
HMM; entering the data your way is very unnatural for accounting.
Expenses & Invoices are unique accounting events and QB does that well.
I understand your desire to correlate transactions - - that QB does poorly. Back in the accounting 101 class days, we had transaction numbers(TN) and the entire set of T-Account entries were done using the same TN. I find move-out accounting ridiculous in QB as it only allows a journal entry to reference an account number once, and that's where the correlation dies. A move-out can easily have an expense, a refund and adjustments to deposits held and deposits paid, but QB forces each to be done independently, loosing TN tracking.
Editing the deposit as you are doing not, as they say, kosher.
Investor · Cedar Rapids, IA · Member since 2014 · 205 posts · 80 votes
9y
@Gita Faust- Thanks for the advice! I will take it and just refer to my management statements if I have any questions. My issue was that my management statements from my previous property manager were horrible and I thought that things would be easier to understand through quickbooks, but I took good enough notes on the statements, that I will be able to figure it out. I pay my own bills now and I can now see the power of quickbooks, but the more time passes the less those statements will matter anyway.
@Jeff B. I appreciate your insight! To be honest, most of that was over my head, but I think I have a system down for move outs now based on a book I bought. I will run it by my book keeper to make sure it works.