Quickbooks Classing Question

[J Newman]

We use QB for accounting and Rent Manager for PM (I often feel like it uses us - although there customer service reps are great). I was wondering how people do classing for MF properties. We have 60+ doors. Most multi-families are a few duplexes or a quadplex on a lot, but we do have an 18+ unit quadplex property. Right now, they are classed by the deeded property, so if Property 1 has 18 units. Numbers for all 18 are combined. There are clearly problems with this. The new CPA has suggested classing by unit, and my bookkeeper is not happy. I thought she was going to fire me when I suggested it! She said it would require upgrading to the highest subscription level of QB, which is $200 each - we've got two QB subscriptions for two LLCS. It would be a lot of work for 2023 (we're doing an extension due to changes in management and systems), more than she could take on. She said we would class each property, and then if there are more than 5 units, it wouldn't work because there aren't enough subclasses in the advanced version. I'm also not thrilled about paying Intuit any more $.

This sounds a bit like a mess, so I'm hoping there is some workaround here that I could propose to my CPA. Thanks in advance for any thoughts!

Thanks!

[Simon W.]

Why not just use Rent Manager for accounting as well?

Who set the QBO for you, the current bookkeeper? If so, maybe you need to get rid of her instead.

I can tell you that the setup is already incorrect. I don't know how many times I've seen accountants/bookkeepers mess up the setup for QBO and it is very hard to switch it to the correct way due to the amount of data. 

Classes are not meant for Properties.  

When classes are used as Properties, this is more on the corporate level accounting.

When classes are used as Units, this is looking at it on a property level accounting. Most bookkeepers do not understand the difference and that's why they can't set up the accounting platform correctly.

Are both LLCs rentals? Honestly, 1 subscription should be enough for all rentals even with multiple LLC.

Your CPA should be able to set it up correctly.