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QB for Real Estate Brokerages

Forum|Forum|8 years ago
November 3, 2017
6 replies
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Hello,

I run a small real estate brokerage. I currently have 5 agents including myself working for our office. I have been working with QB Desktop for several years. I have yet to find what I believe woudl be the best format for my QB file. I am now considering switching to QB online with a finiancial start date of 01/01/18. I know it's not super complicated but I am detail oriented. I really want a system that gives me the most information and cleanest reports without complitcaing things so much that data entry takes forever. Well, I guells that's what everyone wants.

Does anyone have advice or resorces I can look to? If I find the right person I will consider turning the creation of the new file over to them and possibly working out some kind recurring service.

I truly appreciate any help, suggestions or advice.

Delwyn

Best answer by qbteachmt

QB Online does not match the ability of Desktop QB to do "Job" management = reporting and tracking costs, income, and even Escrow, with Customer:Job to the levels that matter. For example, if anyone is on Payroll, Job tracking payroll is easy in Desktop, but there is no Job Cost reporting for QB Online for payroll costs, at least, not at this time.

There is no much to do with the Desktop program that is difficult. First, start with the Tax form this entity files; you cannot report what you did not track. This is your Chart of accounts.

The Items are what you make, do, sell, charge, buy, or buy and sell. They link to any/as many accounts as needed. Examples: Escrow activities are going to link to one Other Current Asset account; I like to use Other Charge type items for this, so I can easily report on only those types of activities. This also provides reporting against the Trust Bank account.

Supplies that you pay for and charge to the agents, as yard signs and advertising share of listings and perhaps even their License fees, are Two Sided items: Service items and Noninventory items. Your share of commission is a Service Item, too.

You use Transactions with Names; that means Customer, or Customer:Job. If the Agent is independent, I would put a Customer Name for them, and all of thier Properties are "Add Job" for tracking purposes. They are also a vendor, becaues you need to Pay them their commission and that is typically subject to 1099-Misc reporting.

All of this is really the basics of using QB. Going to Online means most of those same things will be put into place and used. You just Lose a lot of great functions, by moving to Online.

AliciaRoy

Hi Delwyn,

I'd be happy to show you the features available in QuickBooks Online.

The following article contains links to QuickBooks Online test-drive accounts, just so you can get a feel for how the program works and take a look at the reporting available: https://community.intuit.com/articles/1426799. If you decide this is something you'd be interested in, you can also check out these video tutorials to go over the basic navigation of the program: https://quickbooks.intuit.com/tutorials/.

Now that you've become acquainted with the features, here's where you can view the different plans available, and the prices/features of each version: https://quickbooks.intuit.com/pricing/. Please note that you can either sign up for a 30-day free trial and pay full price after the trial expires, or you can sign up with the promotional discount by skipping the free trial. Although you've decided to start fresh for 2018, I'd still like to provide the article about moving your QuickBooks Desktop data to the QuickBooks Online platform just in case: https://community.intuit.com/articles/1145375.

Please feel free to reach back out of you come up with any questions or concerns for me.

qbteachmtAnswer

QB Online does not match the ability of Desktop QB to do "Job" management = reporting and tracking costs, income, and even Escrow, with Customer:Job to the levels that matter. For example, if anyone is on Payroll, Job tracking payroll is easy in Desktop, but there is no Job Cost reporting for QB Online for payroll costs, at least, not at this time.

There is no much to do with the Desktop program that is difficult. First, start with the Tax form this entity files; you cannot report what you did not track. This is your Chart of accounts.

The Items are what you make, do, sell, charge, buy, or buy and sell. They link to any/as many accounts as needed. Examples: Escrow activities are going to link to one Other Current Asset account; I like to use Other Charge type items for this, so I can easily report on only those types of activities. This also provides reporting against the Trust Bank account.

Supplies that you pay for and charge to the agents, as yard signs and advertising share of listings and perhaps even their License fees, are Two Sided items: Service items and Noninventory items. Your share of commission is a Service Item, too.

You use Transactions with Names; that means Customer, or Customer:Job. If the Agent is independent, I would put a Customer Name for them, and all of thier Properties are "Add Job" for tracking purposes. They are also a vendor, becaues you need to Pay them their commission and that is typically subject to 1099-Misc reporting.

All of this is really the basics of using QB. Going to Online means most of those same things will be put into place and used. You just Lose a lot of great functions, by moving to Online.

F

Franko6365

I'm looking for someone to handle our bookkeeping in our real estate fix and flip business. Are you interested in chatting with me. We're currently using QBs online but could very easily be convinced to use desktop.

Please let me know.

Frank

frank@landinthesun.com

MorganB

Good afternoon Franko6365,

You've come to the right place and I'd like to help you find a bookkeeper or an accountant.

You have the ability to locate an accountant in your area directly from your QuickBooks Online account. Here's how you would do this:

1. Click the My Accountant tab on the left pane.

2. Select the Find a pro to help button.

3. Enter desired information and search.

4. You will then be able to choose an accountant nearby who meets your qualifications.

I wish you continued success in your business! I'm only a post away if there's anything else I can help with.

Rustler

Since you are familiar with desktop, this should help

a non partisan comparison of QBO vs QB desktop
http://onsale-apparel.com/Rustler/qbo-or-qbdt

AudreyPratt

Hi @195365!

Check out this QuickBooks Connect presentation. I think you'll find some really valuable information!

QBO for Real Estate Investors - Gita Faust - San Jose 2017

J

Jd0707

I am currently in the same situation and exploring all options. It appears you are 1 year ahead of me. I would love to hear what you decided to do and what other systems you may have integrated to continue growth. Please let me know if you would be willing to offer some insight. Thank you.

Fiat Lux - ASIA

@Jd0707

Should you need a bookkeeping service for QBO, explore this one

https://botkeeper.grsm.io/quickbooks

But if want to manage it by yourselves, there are a few brokerage management app in the market to be integrate with QuickBooks.

K

KB2020

Hi Delwyn,

Thanks for creating this post. I'm currently in the same situation as you, would you mind sharing what accounts you are recording payouts for Landlord and other brokerages? For me, I currently have them both set-up as sub-contractors (COGS) but that doesn't seem like the best account in my opinion. Especially since they are both grouped as one.

Please do let me know, any advice would be really helpful!

Thank you in advance :)

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