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geddesprop6
May 13, 2020
Question

Entering rental property income in QB desktop

  • May 13, 2020
  • 1 reply
  • 0 views

I am an owner/landlord with 6 detached rental homes. I have set up the address as the customer and tenant as the job. In order to enter the rent income correctly in QB do I have to enter the tenant payment, create an invoice (we don't send out invoices) and create the deposit every month in that order? It's been suggested to enter a payment at the 1st of month when rent is received under unearned rent income, then enter an invoice at end of month after rent has been "earned". Can I enter the payment and then the deposit and skip the invoice? 

1 reply

JoesemM
JoesemM
May 13, 2020

Hello there, @geddesprop6.

 

I appreciate the details that you've provided to us. I'm here to share ideas on how to enter the rent income correctly in QuickBooks.

 

There are two ways to record the rent from your tenants and it depends on when you receive the actual rent payment.

 

To record the rent income in QuickBooks:

 

  • as invoices, if you receive payments at a later date.
  • as sales receipts, if you receive their payments right away.

 

Also, make sure to select the correct tenant and item name to keep track of the transactions for each property you manage.

 

For more detailed instructions on how to record rent income in QuickBooks, please click this article: Record transactions for a property management company.

 

Also, I'd still recommend consulting your accountant to ensure the accuracy of your financial reports.

 

I'v added our Income and expenses page, it provides topics that might help you with future task in QuickBooks.

Keep me posted if you have additional concerns. I'm still here to offer more help. Stay safe.

W
wandamendoza
October 12, 2020

how do you print a detailed receipt on what tenants owe and what monthly rents are late and such? like how do i print a detailed one that says a tenant owes 900 for october but still has a payment of 100 for the previous month?

Kristine Mae
Kristine Mae
October 12, 2020

I can think of two reports, Wandamendoza.

 

First is the customer's quick report. It will provide you their transactions like invoices, payments, sales receipts, and even shows the open balances. Let me guide you:

  1. Click Customers.
  2. Go to Customer Center.
  3. Select the customer.
  4. Right-click on the name, then select QuickReport.
  5. Click Customize Report, then go to the Display tab.
  6. In the Search Columns field, enter and select Open Balance.
  7. Click OK.

You can also memorize the report so you won't go over to the same customization process.

 

Next is the customer's statement. It will show you the transactions and past due balances. Here's how:

  1. Click Customers.
  2. Go to Create Statements. 
  3. You can either click Multiple Customers or One Customer, then select the tenant/s.
  4. Click Preview or Print. 

For more information, you can check this reference: Create a billing statement.

 

If you have more questions, please feel free to click the Reply button below. We're just one post away.

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