How to Set Up Units in QuickBooks

So, you have several buildings and within each, several units. Perhaps you are wondering how to best classify them within QuickBooks. One of our clients recently asked the following question. We think our response might be helpful.

Q: What is the best way to use classes to track several rental apartments in one building?

A: Honestly, We do NOT suggest using classes to track units at all. If you manage multiple properties, each with multiple units, the class list could become cumbersome to work with.

Instead, add each unit as a Job of the property. This will keep your property owners and tenants organized in the Customer Center.

To add each Unit as a Job, open the Customer Center, right-click on the property, and select Add Job.

When you add property ownersproperties, and even tenants, adding the units or apartments as a Job will keep your financial and management data organized. The screen below shows how your Customer List should look after adding property ownersproperties,and units.

As always, feel free to contact us if you have any questions about setting up and managing names within QuickBooks, or generally, about using QuickBooks to manage your real estate business.

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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