Q: I adapted QuickBooks for real estate and property management as you suggested. I added the class tracking. Where do I go from here to separate my properties?
A: After adding class tracking to your file, enter the Class for each and every transaction. Then check your reports -
QuickBooks comes with numerous reports but how are they useful if we don’t know how to read them? The Profit & Loss statement is a basic accounting statement along with the Balance Sheet, and Statement of Cash Flows.
QuickBooks includes the listed Profit & Loss reports. What is a Profit & Loss Statement Continue reading
Q: How do I enter a client meal or that type of expense? I own and rent all my property and would like to list each property and the expenses of each but I have no idea how.
A: I would enter the meal expense as a check and use Class Continue reading
Q: Can someone explain why it would be beneficial to view the Balance Sheet by Class?
A: The Balance Sheet is a report that summarizes the financial position of a business. A balance sheet shows the value of your company’s assets, liabilities, and equity as of a particular Continue reading
Q: I don’t see class list in my QuickBooks. Did I buy a wrong one? I use QuickBooks to manage a rental properties company. What I should do if I don’t use this function?
A: Don’t worry! You did not purchase the wrong version of QuickBooks. The Class Continue reading