Quickbooks Question

[Mark Gruetzmacher]

Hey everyone, I just bought QB and I am trying to get it set up for some properties.  Also at the same time I would like to use it for the renters as well.  Can it all be in one company file.  Searching online I see some Quick Books geared toward PM, then some for the property itself.  

Also wondering if anyone has any template files for what they use, chart of accounts, etc.  I know there are some different places out there selling stuff that tells you have to setup it up but has anyone come across free info.  Just something to get started.

Thanks

[Account Closed]

It is important to setup your company correctly and you start by following the Easy Step Interview.

After that you can tweak QuickBooks through the Preference Section to fit your own personal needs.

You will setup your Properties as a Class in order to keep track of income and expenses per building (SFH) and per unit (Duplexes, apartment bldgs., etc.)

When you setup your Properties as a Customer as well, you are setting them up to let you know where each tenant lives.  Therefore 123 Jackson Street is your property, (Customer)  with Jane Doe, being  a Job of that property.

QuickBooks is done in outline form.  In order to Indent, QuickBooks calls it by different names.  

When you indent in the Class Section it is called a "Sub Class"  e.g., Unit 1, Unit 2, etc. 

When you indent in the Customer Center it is called a "Job". 

QuickBooks was created for the Building Industry and is why you have these names, "Jobs".  But aside from having indenting names that don't use the words we'd like to use such as Tenants, or units, it is still a great program for Landlords.  

Once you have your class feature setup with your properties and your Customer Center setup with your Properties as the Header and tenants as a Job of that property (header) you will now assign every expense to that particular property by choosing that property from the Class Column (But you need to turn on the Class Feature in the Preference Section of QuickBooks for these columns to show up on your transactions)

Your rents, however,  will be assigned to a "Rental Income" account in your Chart of Accounts. 

Then all you need to do is run a Profit and Loss Report by Class to see how much money that property made, less the expenses, giving you your bottom line.

It just doesn't get any better than that.

Nancy Neville