Set Up Third Party Commercial Property Management


Q: How can I set up a QuickBooks file for 3rd-party commercial property management? This would be for small retail, office and industrial properties, not multi-family.

A: Each property owner must have its own QuickBooks file and checking account to prevent mixing funds. In most cases, this means each file would handle just one property.

You can use one QuickBooks file for all tenants. As long as you can justify all the money received and spend on behalf of the owner you should be fine. Though, some states and clients like to keep separate bank accounts for each owner.

We have a guide to help set up a with commercial property management.

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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