Set Up QuickBooks items for real estate investments

QuickBooks items for real estate investments

Q: I am a real estate investor. I am adding items for my business and I was wondering whether I should enter the items as service parts. Thanks.

A: Yes, for property management and real estate industry, enter the items as service item type. QuickBooks items for real estate investments, the other item types would be inappropriate unless you were selling a physical product.

Select Rental as your chart of accounts and use service as a service industry.

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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