Set Up Owner’s Proceed Account in QuickBooks

Q: We manage rental properties in QuickBooks Enterprise and collect the rent for companies. How would I set up the Owners as when I disburse their portion to them for the month?(Expense or Income account?) 10% goes to us, 90% to the owner.

A: When you own a property management company and are managing other owners’ properties, you should setup the owners as vendors when paying them owner’s proceed.

Collect your management fees and write a check to the owner for their income.

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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