Balance on rental property in QuickBooks

rental property in QuickBooks

Q: Hi. I am using QuickBooks 2010 for Windows. How is a balance due on a rental property in QuickBooks recorded? Thanks. A tenant’s rent is $500 for the month. They paid $300 and now owe a balance of $200. How can I record this?

A: To track money owed to you, always record an invoice. In this example, record an invoice from the tenant’s name for $500. Receive a payment of $300. QuickBooks calculates the balance due for you. You can always check the Open Invoices report to see who owes you what.

As you are using QuickBooks for real estate and property management, you can see the total balance due by property if you have multiple units/tenants per rental property in QuickBooks. Set up property ownerspropertiesunits, and tenants.

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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