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Manage Rental Properties with Other Services in QuickBooks

Q: What is the best way to (separately) manage rental properties within a company that also provides another service?

A: Add new accounts as needed for the service Business. Add Class for the “service” business and Class for each property. This will allow you to classify all your transaction by class.

Also I would suggest organizing the Customer Center so all the rental properties are together. QuickBooks allows up to 5 levels within the Customer Center.

 

View your reports Profit & Loss by Class and Balance Sheet by Class.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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