QuickBooks is an accounting software by Intuit that has made its mark in the market for all the right reasons. The software provides all of its related services to businesses of all types in the most efficient way. It comes with features such as Payroll, reporting, invoicing, etcetera. Another exemplary feature is the QuickBooks Property Management.
QuickBooks Property Management features play an important role for Property Management Professionals. If you are thinking about how to use the feature, you have come to the right place.
QuickBooks is a great tool for online business owners. But, if you are a landlord or property management professional, it does not always make things easier. You may go through some tutorials where you will need to call your features for the client and your tenants for the job, and then all you have to do is an invoice to collect the rent. To be produced.
Then, you have to sit down every month after you have set up everything after the check arrives and after you have typed each number. It starts confusing and annoying now – and it’s almost worse.
I’m sure your accountant loves QuickBooks online, but you may start to think about the time you spend on it and wonder if another tool is faster. Or if there is a way you can use QuickBooks Online to track charges (because this is a great tool!) But there is no need to deal with confusion and tedium.
Create Company File For Property Management Company
In the asset management company file, you track your own business transactions. This is where you enter your income and expenses for asset management.
Step 1: Set the property owners as customers
Step 2: Set up accounts and items
Set up account and service items so that you can easily record transactions. Here are some examples :
Accounts
| Account Types | Account Name |
| Asset | Checking account, furniture. |
| Liability | Payroll liabilities |
| Income | Property management income |
| Expense | Insure expense, utility expense |
Service Items
| Item name | Linked account |
| Property management | Income: Property management income |
| Utilities | Expense: Utilities expense |
Step 3: Record asset management income
You can register income from property owners in two ways. It depends on when you receive the actual payment.
- Maintenance management income from property owners.
- In the form of an invoice if you receive payment at a later date.
- As sales receipts, if you receive your payments immediately.
- Be sure to select the tenant and service items you set in Step 1 and Step 2.
- Then, enter the amount you received from the property owners.
How To Use The QuickBooks Property Management
Every part of the Now Renting was created to make the life of the landlord easier and it does not stop when the lease is signed.
If you put your lease details in the orienting system, we will keep track of who and how much (including security deposits and late fees!). But you can set up automatic payments through your tenant each Sync it to your QuickBooks Online account.
Here’s How To Use QuickBooks For Property Management
- First, create a digital lease for your property at NowRenting.
- Next, go to the NowRenting’s QuickBooks settings page.
- Click on Connect to QuickBooks.
- Then, enter your Intuit username and password.
- Select the Data Mapping tab situated on the left.
- Now choose the QuickBooks online revenue account for each lease.
- On the Book Leases page, the QuickBooks Sync section showcases the payments that have not been synced with QuickBooks Online yet.
- Then, follow the View Details link and select the payments you wish to sync with QuickBooks.
- Finally, select Export Selected.
QuickBooks are synced with your tenants, leases, and features. So, when it comes to managing your rental properties, it can be a breeze for the company and the accounting.
Syncing QuickBooks For Easy Online Management
Property Sync is a free utility that can be downloaded to sync the rental revenue and expense transactions within a specified Company File in QuickBooks. It tends to classify the files properly and also provide transfer reports that track every sync.
Do Property Accounting From Anywhere
With this feature, you can spend and records online with the help of any device. This allows you to share the financial information with employees, property owners, shareholders situated in different locations. Also, the sync feature eradicates the possibility of duplicate data entries.
Accounting
Not CPA? Not a problem. Property accounting does not matter to you at your skill level. From AR to AP, the bank provides ACH payments and bank reporting to property owners and property owners.
Online payment
Forget limited payment solutions. With Online Payment, you can provide an easy way for tenants and landlords to raise money online and you can also pay your sellers.
Go Mobile
This is your business – anytime, anywhere. The mobile app is your all-access pass for iPhone or Android, giving full visibility to your fingertips.
Marketing
It provides a complete digital marketing solution that allows you to control your listings and also control the advanced website options that attract and change.
Tenant Screening
No double entry streamlines the process that applies when your tenant changes. Our screening process is easy to use, minimizes risk, and reduces lease costs.
Invite Management Back
From the move to the lay-out (and everything in the middle), offers a solution that no one else has. It is a tool for coordinators and vendors – a rediscovered solution to handle the whole process, including billing and photos.
Portal
This offers a powerful solution for tenants and property owners with 24/7 access – all with real-time visibility.
Contact Center
Our professionally trained live agents act as an extension of your lease, management, and maintenance office, answering every management or prospect call and responding quickly.
Other Useful Resources:
QuickBooks Company File: How To Update?
Let’s Have A Look At The Two Procedures
Most experts in property management / real estate administration who use or support QuickBooks recommend one, but if not both, follow the steps below based on the exact specifics.
This discussion presents only customer-related issues: While the Job and QuickBooks classes apply to asset management, it does not discuss relevant accounting principles.
Procedure 1
Too Many Properties, Few Owners
(some properties have too many owners)
If you have a relatively limited number of owners, use the QuickBooks Class feature to identify and track all transactions involving the owner (or group of owners), even if some assets have more than one owner. The class must be registered on every transaction related to the property. The advantage of this method is that it allows employers to track the balance sheet items where applicable.
Charges 2.png
In this method, every asset you manage is registered as a customer in QuickBooks. If you are using QuickBooks Enterprise 2013 and the newer, you can select the Track customer by class option which allows you to pre-configure all your features. So, if you are going to track more than 250 features, we recommend this option.
After all the assets are set up as clients, you will record all the tenants as jobs under the respective property/client. Customer records in QuickBooks are associated with an unlimited number of job records. There are some great features in using jobs for tenants as Jobs allows you to set the start and end dates under the Jobs Tab. Also, this allows you to track lease/lease documents and occupancy start/end dates. You may also have job types, consider using terms such as a tenant, sub-let. When the tenant leaves, the QuickBooks job is locked into the job record and becomes inactive. The next tenant will be created using the new job under the property/customer record.
Procedure 2
Multiple Owners With Multiple Attributes
(including each owner-property)
If you have multiple privately owned assets, but most of these owners have multiple properties, you may want to take the same approach as the first option. But, the customer will be the layer owner like that layer. Add an extra layer on top. Property addresses are jobs, and tenants are registered at the sub-employment level (or sub-sub-job level in the case of multi-unit properties).
However, the problem with method two is that it is complicated.
Some property owners are made up of people who have partners. However, this is not a problem. But, when those partners have partners in other features that consist of more features, you start listing multiple times with different parties in the same person client list. You will have the same layout in the classroom. But, at least the classroom list will be different from the features and tenants, and not combined with it.
Final Note
We hope that now you are aware of the QuickBooks Property Management feature. And, with this article, we were able to resolve all your queries. However, if you need more information on the matter or have any doubts, get in touch with us. You can contact our customer support through the toll-free number and our team of experts will provide you all the necessary help. Also, you can contact us for any further queries related to QuickBooks.