Enter the date and voilaQUICKBOOKS DESKTOP vs QUICKBOOKS ONLINEBoth versions have or do the following: Accepts Credit Card PaymentsHas an Audit TrailBank ReconciliationCompany SnapshotCustom FieldsExpress SetupMulti UserMultiple WindowsOnline BankingPayrollPrint BillsRecurring Billing/Memorized TransactionsDocument ManagementBudgets (not in QuickBooks Online Essential)Class Tracking (not in QuickBooks Online Essential)Creates Estimates ((not in QuickBooks Online Essential)InvoicesTime TrackingReversing Journal entriesMemorized ReportsFEATURES ONLY IN THE DESKTOP VERSION that would interest you as a Landlord Balance Sheet by ClassBatch InvoicingBillable Time and Expense – reimbursable billingBusiness PlanerForecastingCalendarChange orders on EstimatesCollections CenterCondense Data FileCustomer Snapshot ((My pick)Advanced Excel Export that can update existing exported reports.

Even the Journal of Accountancy and the American Institute of CPAs recommends using it to simplify your taxes now and going forward.

They want you to do a lot of Journal Entries.  

I would advise sitting down and trying to write a journal of every interaction you have had with the landlord to date, and update it as things move forward.  

This will be a liability account called "Unearned Profit Distributions" or something like that.Then, at the end of the year, when the actual taxable profits of the child LLC are finally known, you make one journal entry to debit that liability account and credit a revenue account for only what is being reported to you on the K-1.So the books for the parent company will look like this:January thru Dec, monthly entry:Cash - Debit $100Unearned Profit Distributions - credit $100.So on December 30, you have $1200 in the cash account and a $1200 balance in Unearned Profit Distributions (the liability account).Then, in March when you get your K-1, you find out that your taxable profits (maybe due to depreciation or whatever) were only $1000.So on 12/31, you do the following journal entry:Unearned Profit Distributions - Debit $1200.00 (to zero the account out for the year)Member Draws (an equity account in the parent company) - Credit $200.00 (This will be the difference between what you drew and what is reported as income from the K-1)Revenue from Child LLC - Credit $1000.00 (This should match the K-1)When doing your tax return for the parent, you won't really do it on form 1065 of the partnership, you'll just report all of the child K-1s on form 8825, line 20.

The CPA can guide you on your REI journal and (legally) keep the government's hand away from your wallet.

(General Journal entry)BTW QuickBooks Online is not good for Landlords. 

While I currently dont have access to any economic journals subscriptions as Im laying in bed, one merely needs to look at very plainly laid out information historically.

My process has to be detailed, accurate and reproducible or I would never have made it through the peer-review process to have research published in academic and industry journals or be invited to present at finance and real estate conferences. 

QBO may require basic knowledge of journal entries over Quicken RPM that @Brie Schmidt has mentioned.