QuickBooks for Real Estate & Property Management

QuickBooks for Real Estate

Q: I have rentals properties, will this program work for me?  If so, where do I list my tenants?

A: Yes, QuickBooks can be adapted to meet your property management needs using some simple workflows and procedures. Here is a mini mini version of my guide Manage Properties with QuickBooks:

  • Create a new company file and select property management or rental for landlords Chart of Accounts
  • Create a Customer and Class (for Owner)
  • Create a Job and Subclass (for Property)
  • Create a Job (for Unit)
  • Create a Job (for Tenant/Member name)
  • Enter an invoice and memorize it
  • Receive a payment
  • Make Deposit
  • Create statements, if necessary
  • Enter and pay bills or write check
  • Reconcile all accounts
  • View your reports – Profit & Loss and Balance Sheet for accuracy

Of course there is more than what is noted, but this is the basic set-up and steps.

Select and view the appropriate Manage Properties with QuickBooks guide for your business: for Landlords, Property Managers, Commercial Property Management (NNN), and Community Associations – Condo and HOA.

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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