QuickBooks for landlords allows landlords to keep track of when tenants pay rent or charge late fees for overdue payers. On QuickBooks landlord, you can create a sub-user that shows all the rent invoices, related payments, and current balance. This technique is critical because it helps in financial management. The good thing about this is one doesn’t want to have knowledge in accounting. The guide presented helps with an easy explanation of each function and presents an actual QuickBooks landlord template and different tools you need to keep information in an easier and inexpensive way.
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Configuring QuickBooks properly is hard.
QuickBooks is a most powerful program that can be used for any business from a construction company or office to a petting zoo or amusement park. I know how other books on the market fail to answer fundamentally important questions for landlords. Without guidance, you can easily spend hours or days attempting to configure or reconfigure QuickBooks for landlords.
- Avoid the common misconception of creating tenants as “Customers.”
- Properly use classes or subclasses.
- Create the right items, and know how to use them for charging rent, late fees, management fee income, and etc
- Have example transactions for entering security deposits, rent due, rent received, late fees, special tenant charges, depreciation and member draws out of an LLC.
QuickBooks Key features
- Rate management– QuickBooks keeps a track of expenses that your rental property incurred by utility payments and property maintenance.
- Collect money from tenants online– Landlords are presented with a platform in which tenants can pay them after receiving invoices.
- Cash flow management– A landlord gains the ability to manage bills from companies and pay them before the due date by way of scheduling recurring bill payments.
Create a property management company
Quickbooks Desktop to allow you to set up a company file that you run to your property management business. And do a task such as receiving and tracking rent for payment method paying property owners and management companies, fees and overhead charges.
Categorize tenants by type
You can also categorize your tenants by type so that you can distinguish among different types of tenants. Customer types do not appear on QB forms, but you can create reports based on the information. You can easily print mailing labels and statements based on customer type.
Here are suggested customers types for the rental property:
- Sublet: A tenant who is subletting the property from a tenant.
- Tenant: A person who leases a property.
- Residential manager: A tenant has a discount on rent in return for doing some onsite residential management such as collecting rent & take care of small repairs. Depending on their workload, some residential managers may be considered contractors or employees. In this case, you will not set up a job type for them.