Use QuickBooks to track reimbursable expenses for REO

track reimbursable expenses for REO

Q: I run a real estate brokerage managing properties for banks which are later on sold. We pay utility and repair expenses to maintain the properties. How should I account for the utility bills and the reimbursed expenses from the banks?

A: To track reimbursable expenses for REO in QuickBooks, create a bill or check to pay for the expense account. Click the billable box for the expense items.

Follow our guidelines to set up a company file for real estate and property management. Enter the Bank (in this case, the bank is like the property owner) as a Customer.

Then, create an invoice to bill the bank and select the expenses.

This will allow you to track accounts receivable and can track reimbursable expenses for REO – which bank owes you money.

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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