Quickbooks users, how do you setup your business?

[Daniel Hart]

I have a number of rentals held in an LLC, and an S-Corp for flipping and general expenses. A friend told me to set up "jobs" for each house. I am going to hire someone to set it up, but I wanted to get a consensus of the best way to do this.

I am a completely tax/accounting/quickbooks novice, so pretend you are explaining this to your 90 year old grandmother. :)

[Tim M.]

Dan,
You can do this by setting up "classes" and subaccounts for each property. This gives you the advantage of being able to pull out all the info (P&L, balance sheet, etc) specific to each individual property if you want, as well as having all your REI accounting in one place - to easily hand over to your tax preparer/CPA each year. If you are hiring someone to set this up for you, then they should understand exactly how this works and be able to explain it to you using your specific properties as examples. You may want to consider setting up one set of books for the LLC and another for the S corp - especially if there is different ownership interest (partners etc). You'd still want to do classes and subaccounts for each property though.