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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.
