Real Estate Accounting Solutions Using QuickBooks

Setting Default Invoice Template

Gita Faust — Mon, 30 Apr 2012 05:28:25 +0000

Q: How do I set my custom invoice to be the default invoice that comes up when I go to enter a new invoice?

A: Easy way is to inactivate the invoice templates you will not be using. Click on Edit > Template > right click on the template and select inactivate.

How to Import and Export Templates

Gita Faust — Sun, 29 Apr 2012 05:06:54 +0000

Hi Gita, Your QuickBooks Landlord Guide to Financial and Property Management has saved me so much money and time. So my question is how would I export and import the invoice template from another file.

Just a little on how I came about buying your book on real estate using QuickBooks. I found you [...]

Altering Displayed Invoice Features

Gita Faust — Sat, 28 Apr 2012 05:25:19 +0000

Q: How can I adjust the On Screen Invoice to show a Subtotal of the goods supplied? In the Customize window the option to tick the box is not allowed.

A: Create a new item called Subtotal and enter it on the screen. It will also print on the invoice. Click on QuickBooks Help for more [...]

Audit Missing Tenant Payments Received

Gita Faust — Fri, 27 Apr 2012 05:21:58 +0000

Q: I am a property manager using QuickBooks. Most of my residents make cash payments towards rent in person. We always enter the payment through the customer payment screen and print a receipt. However, the payment receipts do not have a tracking number. I would like to audit the payment receipts or assign a tracking number to [...]

How to set up QuickBooks Loan Manager

Gita Faust — Fri, 27 Apr 2012 05:14:27 +0000

Q: How do I correctly set up a home loan account(s) to track principal, escrow, and interest on an already existing mortgage?

A: Enter the vendor name, loan account as a liability account and use the Loan Manager under Banking tab on the menu bar. Check out the help section within QuickBooks program for more detail.

Property Sales Commision Recording

Gita Faust — Thu, 26 Apr 2012 05:04:58 +0000

Q: What is the correct way of recording a sale of a property for a real estate agency? (i.e. the commission earned). QuickBooks asks for an item code on the invoicing screen (i.e. Stock item), but the properties are not owned by the estate agency.

A: As an agency even though you do not own the [...]

Manage Multiple Accounts With Same Bank

Gita Faust — Wed, 25 Apr 2012 05:58:57 +0000

Q: I am trying to use QB to manage a number of accounts with the same bank, some are escrows. I can’t find any info on how to do this.

A: To track multiple bank accounts create a main account and then create sub-accounts under the main Escrow bank account.

QuickBooks for Storage Unit Rentals

Gita Faust — Tue, 24 Apr 2012 05:52:22 +0000

Q: What is your best program for rental of storage units? I have 150 units -they are collected monthly – I would need to be able to change the name of renters as they moved in and out of units.

A: QuickBooks Pro for storage unit rentals is the way to go.

Type of QuickBooks Industry for a Mortgage Broker

Gita Faust — Mon, 23 Apr 2012 05:54:44 +0000

Q: What type of industry is used for a mortgage broker?

A: As you are a service provider – I would suggest using the General Service-based Business. You can always add, edit or delete an account name.

Confused with Rent, Other Charges, Accounts & Items

Gita Faust — Sun, 22 Apr 2012 05:51:30 +0000

Q: I collected rent amounts that need to be documented as well as the trash, water, gas, electric, etc. amounts. What is the best way to document those collected amounts? A flat rate is paid each month for all services.

A: Create an item for Rent (link to Rent Income account) and trash, water, gas [...]