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April 22, 2020
Question

what are best ways for property managemnt co to track rent abatement, forgiveness, etc due to covid-19?

  • April 22, 2020
  • 1 reply
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What are best ways to track all expenses and losses due to Covid-19 for a property management company? We are making arrangements with individual tenants, some requesting just deferrals, some requesting TMI forgiveness, some needing rent abatement.

1 reply

April 23, 2020

Hello i18,

 

It's great to hear that you're able to work with your tenants and offer relief options during this difficult time. I know how vital it is to properly account for things such as forgiveness, deferrals, abatement, and all the other things you're able to offer. I want to make sure you get this right.

 

In this case, I recommend speaking with an accounting or bookkeeping professional to determine how to best handle this situation. People in those professions have the training to back their advice, and if you work with someone who knows QuickBooks Online as well, that's a bonus.

 

To have an accountant or bookkeeper you're already working with work with you directly in your books, add them as an accountant user via the My Accountant tab. That tab has a field where you can invite them as a user using their email. If you don't have an accountant already, that same tab also has the Find a pro to help button, which gives you access to a list of QuickBooks-certified professionals in your area.

 

Take care.