Q: I am a QuickBooks ProAdvisor and I have a client who is a property manager. The invoices are set to bill to items for residential or commercial income. On top of the invoice screen there is another drop down set for A/R. Should we create a subaccount under Accounts Receivable for residential income and commercial income?
A: Accounts Receivable are the amounts that tenants owe you or the amounts that you have invoiced and have not received payment for. Only use one Accounts Receivable account for all invoices you enter to keep the reports concise and accurate.
QuickBooks features a few accounts receivable reports to conveniently track how owes you what and from when.