New York property management in QuickBooks

October 3, 2023

Q: I am a property manager in New York so I can’t combine commercial and residential property income. There is a special real estate form filed for commercial property so most accountants want income and accounts receivable separated according to commercial and residential. How can I keep my data separated from my accountant and how to manage New York property management in QuickBooks?

A: As I do not know of your setup, there are many ways to track details. You could create two Items or Accounts: one for residential rentals and another for commercial rentals.

Alternatively, you could use Class and then modify your reports by Class. We suggest using Class to track properties for property management and real estate. track New York property management in QuickBooks.

I need more details from you to suggest the right way. Call me or contact a QuickBooks real estate consultant, talk to them for an easier solution.

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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