quickbooks setup for real estate on a mac

Quickbooks Setup For Real Estate On A How To Turn It

In QuickBooks Self-Employed, theres no specific category for rental properties.

Class would be the different properties, Customers would be the actual units, and job is the tenant.

Then use items for the non-inventory or services or inventory you have going on, to track everything from repairs and maintenance to rent.

Memorize invoices too for monthly rent payments, and use Merchant Account Services to take credit card payments.

Like appliances, non-inventory and inventory parts and services provided to the upkeep of the properties.

Property could be a class or a customer, depending on your property setup.

If you have several properties you manage, and each property has rental units, I would have the properties be a class, the units be a customer and the tenants be a customer job.

You can enter a sales receipt for this item to receive the deposit and it will credit the liab acct and debit either undeposited funds or checking.

Quickbooks Setup For Real Estate On A How To Turn It

The steps below will guide you on how to turn it on and set it up in QuickBooks.

Ive also attached a few screenshots to help you with each process.

Thanks for dropping in, wishing you a very grand and successful New Year ahead.

When the tenant pays with one check for both units (customers), there is no way to record the payment to cover both units since the tenant has jobs under two different units (customers).

I say it is better to have the tenants as customers with units beings the jobs under the customer.

The commodity for which they are paying (rent, deposit, etc.) are Items.

Dont let anyone convince you to enter your properties as customers and the units as jobs.

If you have further questions about this, let me know.

Create an item called Damage Deposit and link it to that liability account.

When you create an invoice to your tenant, select the Damage Deposit item.

It will post directly to the Damage Deposit Liability account.

If you need to refund a customers deposit, create a Credit MemoRefund for the tenant and select the item Damage Deposit.

Once you have issued the Credit Memo, issue a refund from your bank account.

The refund amount will be debited from the Damage Deposit Liability account.

Quickbooks Setup For Real Estate On A Mac