Q: Hi Gita – My brothers and I recently inherited two rental properties, 1 seasonal rental, and 4 undeveloped properties. I’ve never used any kind of accounting software before. I just purchased QuickBooks Pro. I’ve not installed it yet and was wondering if I should use this version for our needs – payments coming in, our payments going out, maintenance costs, keeping track of everything for tax time, and I guess anything else we don’t know about yet. Could I also do a separate account for my own personal property with this software or would it meld everything together?
A: Congrats to you and your brother on becoming landlords. Sure, you can use QuickBooks Pro for your rental business. Just make sure you keep your personal income and expenses in a separate file then your and business.