Our tips and tricks for using QuickBooks as a real estate management software are not biased. You’ll be up and running in no time with the best financial and management system whether you are a beginner or QuickBooks pro. And we will be here to help you every step of the way, just like we were for the new client who asked the question below.
Q: I am a new user of QuickBooks and I just bought a rental property. I don’t have a corporation or DBA yet. What would be the best way to set this up in QuickBooks?
A: Welcome to QuickBooks and congratulations on your purchase! I understand that beginning to work with QuickBooks may seem like a daunting task, especially if you don’t have an accounting background. Do not fear! There are numerous resources available to simplify the process. QuickBooks truly is a user friendly software and very customizable to your needs.
To get started in creating a new file for your rental or property management business, create a new company. Since you are new to QuickBooks, you may want to use the EasyStep Interview feature to customize your file: however, it is not necessary. If you use the Interview feature, follow the prompts and enter your company name, address, contact information, how your company is organized or the entity type, and when your fiscal year begins. It is typically the same as your income tax year. Once you reach the screen below, select a basic chart of accounts for your industry. Choose Property Management or Home Association if you are a property manager or Rental if you are a landlord.
QuickBooks uses this information to create income and expense accounts that will work best for your business.
Save your Company file in a secure location. Many users prefer to save their file in “the cloud” or an online server that provides on demand access. As you use QuickBooks, you’ll create other files which will be saved along with your original file.