QuickBooks Question Regarding Rentals

[Drew Eldridge]

I'm sure it's been discussed before but a search didn't yield any current answers.  How do you guys best use QuickBooks with regard to rentals?  I'm looking to track each rental property in conjunction with the bank/credit card accounts associated with the business.  Since we aren't truly selling a product or service per se, I'm looking for ideas on how to best organize.  Thanks!

[Daniel Hyman]

@Drew Eldridge

As @Mayer M. mentioned, set up each property as its own "class." Here are some other tips:

1. Sync your bank and CC account with your QB account. 
2. At the end of each period (month, quarter, or year) open up the banking screen in QB and have your bank/cc statements available as well. 
3. Verify that all transactions on the statements are entered into QB and that they are associated with the correct properties. Check off the transactions as you go. 
4. For certain transactions (eg: entering purchases or sales) you might need to do some further research or consult a pro as to how best to enter into into QB
5. At the end, there should be a difference of $0. Click "Reconcile." Done. 
6. Then go generate a Profit & Loss statement and a Balance Sheet. They should give you a good idea of how the rentals are doing.