Question

Setting up Quickbooks Online for property management co. handling multiple properties for multiple property owners

Forum|Forum|5 years ago
September 12, 2020
4 replies
0 views

Greeting:

I am the bookkeeper for a property management co. We handle over 75 properties for over 50 different owners. We have two separate bank accounts; one for the property management co. and the other a trust account holding the funds for the property owners. The trust fund account receives income from each rental property and pays the expenses related to each property. Each month, each property owner is paid the net income for their property(ies).

In addition to tracking the income and expenses for each property separately, I also need to track the balance in the security deposit and repair fund for each property. I also track the separate income and expenses of the property management co.

Each month, I need to provide each owner with a report of the income and expenses for their property(ies). I also need to prepare a report showing the balances in the security deposit and repair fund for each property. I also prepare reports for the property management co.

I was told at the time that I obtained Quickbooks Online, that it was able to track the above information and prepare the reports described above. I was also told that there a module (or package?) specifically designed for companies such as mine was included with Quickbooks Online.

Despite searching online, I have been unable to locate any modules or packages designed for property management companies that are a part of Quickbooks (or even integratable into Quickbooks). I have also been unable to find any information on how to set-up Quickbooks to perform these actions. And while I can set up Quickbooks to track and report on properties for a single owner, I have not figured out how to track and report on multiple properties for multiple owners.

Any suggestions or information would be greatly appreciated.

Thanks

QuickBooks Online

AlexV

Good day, Bumprt.

Thanks for posting here. Let me share an idea on how we can track multiple properties in QuickBooks Online.

We can turn on and use the class tracking feature. Then, let's add all the properties to your class list. That way, we can assign them when we record any transaction.

You can follow these steps:

Go to the Gear icon and select Account and Settings.
Select Advanced, then select the Categories section to edit.
Check Track classes and the Warn me when a transaction isn’t assigned a class.
Under Assign classes, select One to entire transaction or One to each row in transaction.
Click Save, then Done.

Once done, you can create and manage classes in QuickBooks Online. You'll see the Class field when you create a transaction that you can use it to tag a class to a transaction.

In addition to that, we have available reports by the class that you can pull. You can use it to reports the properties' sales, costs, or profitability.

Here are the additional reports for more details:

Leave a comment below if you need anything else. Stay safe and healthy!

BumprtAuthor

Hi Alex

Thanks for the reply. Unfortunately that's only half the answer. I have been using classes for the books of a single company that owns a number of rental units for itself.

The problem I am having is tracking multiple properties for multiple owners.

Any suggestions for the handling of multiple properties for multiple owners. Opening a separate Quickbooks account for each owner is not an option as there is one bank account used on behalf of multiple and multiple properties.

Thanks

AlexV

Thanks for the reply, Bumprt.

You don't have to open separate accounts. QuickBooks Online has a new feature called tags. We can use it instead to track multiple properties.

Here are some of the articles for more details:

Please reply again if you need anything else. I'll be here!

D

DVF2016

I am a Real Estate Agent and currently only manage my own rental buildings. I have 11 units in one building and 4 in a second building and we are growing. Our books are in QuickBooks Online. We have the class tracking set up for each building. Now we are looking to automate billing for rents. I want to be able to send a bill for their rent automatically, use their checking account with minimum fees to us for the service rather than more costly options with debit or credit cards. How does QuickBooks recommend we do this? Is it an emailed invoice to them once a month? Is it an ACH? And if it does not get funded by a certain date, can it rebill with a late charge?

Fiat Lux - ASIA

@DVF2016

Utilize this app to manage your properties, accepting ACH payments for free, and integrate it with your QBO.

*link removed*

Y

Yoelf

I’ve found a solution to this!

setup customers and classes. The major problem is having one bank account for all. Create a equity account OwnerB. The solution, make a GJE debit from rental income credit to OwnerB, debit ownerB Credit account receivables customer ownerB. Then go to customer center report payment from owner B apply the credits. Whatever remains open, OwnerB owes you. If you received rents more than the expenses you would create a credit memo and issue a refund to this OwnerB customer.

Y

Yoelf

I need to change it a little. the last sentence should be replaced by following. If you received rents more than the expenses you would create a check and issue a refund to this OwnerB customer. You will write check to Owner B, Account is accounts receivable customer name is ownerB and class it. once its done you go back to customers, OwnerB will now show a reduced amount because the check you just wrote. go to receive payments and apply the GJE credit to this check to zero out the open balances

M

Murage

Hello,i think you should activate class accounting and create a class for each of your customers.When you are recording rental income or expense ,assign it to the specific class and that way you will be able to generate reports for each

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