How to Record Rental Income in QuickBooks

If you are making the smart choice to use QuickBooks for manage the financials and day to day operations of your real estate business, you may be asking  yourself the question one of our clients approached us with last week.

Q: How should I record rent payment (income) in QuickBooks?

A:  Recording rental income is really quite simple, but you need to create the right accounts and items from the start. For property managers or real estate business owners using QuickBooks, here’s what we recommend:

  1. Create an Rent as an Service Item
  2. Create an Invoice
  3. Memorize Invoice
  4. Receive Payment
  5. Make Deposit

And one more tip! Remember when you track rental income, you must specify the appropriate Customer:Job and Class for each transaction.

By | 2017-03-21T11:47:26+00:00 September 16th, 2011|1 Comment

About the Author:

Gita Faust is a principal of Fast Trac Consulting and has authored series of courses Manage Properties with QuickBooks providing step-by-step guidance for real estate and property management industry. Gita is an Intuit Premier Reseller, an Advanced Certified QuickBooks ProAdvisor, and a member of Intuit’s Trainer/Writer Network. She is also certified in Intuit’s QuickBooks Enterprise and QuickBooks Point of Sale.

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  1. […] invoices for all the tenants using a Rent Service Item, which will link to Rent Income […]

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