General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hemlane-a9392011949df124ea8ee63be2fb270c9423d6cd446ec67af23c96616e618606.png)
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Quickbooks for Rental properties - need help with setup
Howdy,
I've searched both here, on google and youtube - but I'm seeing so many different takes and just getting more and more confused. This website and the users here are often the best resource in the industry so I figured I should ask (and if you have a link to a recent thread here that already covered the topic - please share).
Long story short: I'm tired of trying (and failing) to control my accounting using google spreadsheets, I tried using Stessa last year but they were not reliable, and with my recent TX real estate license I figured I should just get my entire accounting in order and use a proper tool. Everyone were recommending Quickbooks Plus so I opened an account.
From past experience, I know that it's better to set it up properly from the get-go instead of doing OJT, hence this thread.
Generally speaking: my household got multiple businesses - I got a real estate transactions income, the wife got interior design income, and both of us got rental properties. I'm planning to differentiate between the three using the locations feature on QB.
I think I got a good grasp of how to manage our businesses, but the rentals are giving me a harder time.
My current plan is to define a class per rental property, and assign my tenants as customers (when they pay rent). But I'm not sure how to go about creating a proper Chart of Accounts.
I'd like to have IRS Schedule E form as the type of expenses, but I'm not sure what is the Account Type and the Detail Type I should utilize.
And generally speaking, I'd love to learn from those who use this tool - how do you use it? Any best-practices I should get familiar with?
Thanks,
Or