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Clare0512
February 14, 2020
Question

Set up for rental properties

  • February 14, 2020
  • 1 reply
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I'm totally new to quickbooks on line. I am a landlord and own HMOs. I self manage some of them and others are managed via a letting agent. I'm totally unclear about how I should set up each house and the tenants. Much of the information I've read is from the perspective of me being a letting agent which I'm not. I need to see the running costs for each property. I wondered about setting up each property as a location (which seems to make logical sense) but can't find any landlord who has done it this way. Regarding tenants (customers!) I've read about customers and sub customers and classes and jobs and projects!!! My head is ready to explode. It should be so simple.......I have a house, it has x6 bedrooms. Each bedroom is occupied by a tenant who pays me monthly rent! I want to be able to report on income either by room (within each house) or by tenant. How do I set up the rent? I'm assuming it's a service? How do I set up the tenants? How have other landlords set up their system?  Thank you

    1 reply

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    Lindsay Fowler
    June 12, 2020

    I am in a similar situation. I have 1 commercial property. 4 units = 4 tenants. I manage the property myself. Rent demands and Service charge invoices are sent quarterly in advance. I started setting up yesterday. The tenants are customers and I have entered each quarter for each unit as a product/service. So in total 32 products/services. My expenses are in 2 categories. Normal business expenses/running costs - ie accountancy fee, letting agents, fees legal fess etc.  Service charge costs, that are covered by the tenants,  ie.window cleaning, fire alarm maintenance, repairs etc. the service charge expenses I have called cost of sales. Are there any flaws in my set up?

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