QuickBooks Plan for Managing Rental Properties

[Tyler Davis]

Hi All,

I know this question probably comes up often, but I wanted to ask: if you're using QuickBooks to manage your rental properties, which plan are you using?

Currently, I'm managing 17 units using Google Sheets, but I'm transitioning to QuickBooks. I started with the Simple Start plan, but as I learn more about the software, I realize that to effectively classify income and expenses per unit, I need to use Classes and Locations, which are only available on the higher-tier plans.

I’ve seen suggestions to use units as customers as a workaround, but I’m curious if anyone else has tried this approach or has recommendations for managing multiple units in QuickBooks with the Simple Start plan.

Looking forward to your feedback!

Thanks!

[Angie Keefe]

Hi Tyler!  I use QBO to keep track of my properties and do this for my bookkeeping clients also. If you have multiple LLCs, best practice would be having a Plus subscription.  As you said, this allows you to track LLCs (locations) and properties (classes and/or customers).

If you only have one LLC and don't need entity tracking, you could get a lower subscription and categorize your properties as ‘customers', then units and tenants would be sub-customers.

Simple Start would allow you to invoice your tenants (if desired through QBO) and produce basic reports. You can always start with the Simple Start subscription and upgrade if you find that it isn’t meeting your needs.