Property Management / Rentals

[Alma Alvarado]

Hello All, 

First post! Here it goes..

My company is currently attempting to start a successful property management company. They have tasked me with setting up the bookkeeping and accounts. 

Current set up: We created an LLC that would be used for any real estate transactions, rentals and property management.

Bank accounts were setup as separate accounts 1) for the real estate transactions 2) rentals & property management 3) When they realized their commingling they set up a third one for a specific owner and property

After reading several articles and posts on BP, I wanted input on the plan I planned to implement. I was thinking we create separate bank accounts for clients we manage property for. Any leases we close, that money can go into the main account and disburse commissions through there. To pay ourselves for the property management, am I then paying from the specific property account into our main real estate account? 

For QB: I want to invoice, create sales receipts for rents paid, maintenance repairs, etc. Do you suggest I create separate companies under QP - One for rentals and one for property management? That was QB's online suggestion.

My main goal is to provide accurate P&Ls for the owners and for ourselves. Eager to hear suggestions, criticisms and solutions!