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) Continue reading
Q: My client has a portfolio of rental properties for which he cannot claim expenses on furniture. How do I enter furniture purchases paid from a business account which cannot be offset against income but need to be accounted for? He has informed me that he has an allowance of 10% Wear Continue reading
As a small business owner myself, I understand that your desk is probably swamped with a mile high stack of papers. If you have rental properties, you may have work orders, receipts, invoices, and an endless supply of junk mail. I always emphasize following a process to organize your financial Continue reading
QuickBooks added a new feature in 2011 which I would like to showcase today as it can help you tie up your end-of-year accounts receivables. The Collections Center displays which invoices are past due or almost overdue. If you are using QuickBooks for property management, tenant invoices will appear to Continue reading
Q: I am trying to find out how to change the expense category of an already-paid bill in QuickBooks? I noticed 2 months’ rent is coming up as Uncategorized Expense and I want to change it to show Rent for tax purposes. But, I have not been able to figure out how to Continue reading
Q: What is the best way to set up a recurring monthly charge (ie, a rental payment from a tenant) when no invoice or statement is actually sent to the customer?
A: Statements are to be used when you want to send a detailed or summarized list of Continue reading