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August 24, 2022
Question

Is there anywhere I can get the sequence of a real estate transaction for a real estate brokerage? From entering the customer to disbursing commissions to the agents.

  • August 24, 2022
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1 reply

MaryLandT
August 24, 2022

Hi there, usercreekside-diane.

 

In QuickBooks Online, you keep track of the transactions for each property you manage. This is where you record the rent income and expenses.

 

You can start by set up tenants and vendors to collect rent, pay bills, and manage the property for an owner. 

 

  1. Create a customer for the following:
    Properties you manage - Customers
    Tenants - Customer: jobs of properties
  2. Create a vendor for the following: 
    Owners of the properties - Vendors
    Your own property management company -Your own property management company

 

Once done, please set up also the following data on your QuickBooks account.

 

  1. Set up accounts and service items - use for the transactions or commissions. 
  2. Record a security deposit - a security deposit from their tenants at the beginning of a rent period.
  3. Create an invoice - to record rent from your tenants.
  4. Enter bills - to keep track of the expenses. 
  5. Write a check - to disburse the agent.

 

I'm adding this article for more detailed steps: Record transactions for a property management company. This is for QuickBooks Desktop, however, you can still use this a reference when creating transactions in QuickBooks Online.

 

Upon sharing this, I still recommend consulting your accountant to know what accounts to use. Or ask more details about recording real estate transactions in QuickBooks. 


Keep me posted if there's anything else you need anything else. I'll be around to answer your questions.