Will QuickBooks Track My rental property

rental property

We recently received the following inquiry. If you are wondering about using QuickBooks to manage real estate properties or rental property, here is the answer you’ve been looking for.

Q: Hi Gita, my brothers and I recently inherited two rental properties 1 seasonal rental and an undeveloped property. I’ve never used any kind of accounting software before, but I just purchased QuickBooks Pro. I was wondering if I should use this version for our needs. I want to track payments coming in, payments going out, maintenance costs, keeping track of everything for tax time–and I guess anything else we don’t know about yet. Can I also maintain a separate account for my personal property with the same software or would QuickBooks meld everything together?

A: Congrats to you and your brother on becoming landlords. Yes, you can use QuickBooks Pro for your rental property business. Just make sure you keep your income and expenses in a separate file then your business. For more information on how to use QuickBooks effectively for real estate management, reference my books.

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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