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Updated 6 months ago, 05/24/2024
Quickbooks Classing Question
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!