How to Record Rental Income in QuickBooks

If you are making the smart choice to use QuickBooks for manage the financials and day to day operations of your real estate business, you may be asking  yourself the question one of our clients approached us with last week.

Q: How should I record rent payment (income) in QuickBooks?

A:  Recording rental income is really quite simple, but you need to create the right accounts and items from the start. For property managers or real estate business owners using QuickBooks, here’s what we recommend:

  1. Create an Rent as an Service Item
  2. Create an Invoice
  3. Memorize Invoice
  4. Receive Payment
  5. Make Deposit

And one more tip! Remember when you track rental income, you must specify the appropriate Customer:Job and Class for each transaction.

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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