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Alyssaa143
August 16, 2022
Question

Booth Rental

  • August 16, 2022
  • 1 reply
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I need to set up booth rental for my studio. How do I do this in quickbooks desktop, and is there a way to get automatic payments from the vendors?

1 reply

MariaSoledadG
MariaSoledadG
August 16, 2022

Let me guide you on how you can set up booth rental and get automatic payments, Alyssaa143.

 

When you provide services such as rental, you'll have to create and manage two company files. These are rental property companies wherein you collect rent. And property management company where you receive income for managing properties.

 

To keep track of transactions for each property you manage, you'll have to set up tenants and vendors. Then, set up accounts and service items you use. Once done, record security deposits from tenants at the beginning of a rent period. You can use a liability account  to track each tenant's deposit. Here's how:

 

  1. Go to the Banking menu, then select Make deposits.
  2. In the Received From column ▼ dropdown, select the tenant.
  3. In the From account ▼ dropdown, select the security deposit account you set up.
  4. Enter the amount, then select Save & Close.

 

Aside from that, you can let QuickBooks automatically group customer payments and record them on your chart of accounts. You'll have to make sure to turn on automatic matching so QuickBooks deposits and records customer payments for you.

 

For more information on how you can record rent from your tenants, record expenses for each property ,and pay property owners, go through this article for your guide: Record Transactions For A Property Management Company. 

 

Furthermore, if you're using QuickBooks Payments to take customer payments, learn how long it takes to get customer payments in your bank account after you process them. To give you more details, I've added this additional resource for your reference: Find Out When QuickBooks Payments Deposits Customer Payments.

 

Let me know if you have any concerns with the setup of your property rental and automatic payments. I'll always be one post away if you need help.

D
Deb-Hope
September 9, 2023

I have QuickBooks premium professional service edition, 2021 desktop. I have a salon and I would like to rent booths.  I need to know how to set this up and also do sales tax rate for rental, The rate is 6.8 % in my county.

J
JamesAndrewM
September 9, 2023

I'll share guidelines to help you set this up in your QuickBooks Desktop.

 

First, create a company file for the rental property company. If you haven't done it already, set up the customers and vendors. Next, to help you record transactions, you set up accounts and service items you will use. You can have an Income account set up for this one. You can follow these steps:

 

To set up an account:

 

  1. Go to the Lists menu, then select Chart of Accounts.
  2. From the Account ▼dropdown, choose New.
  3. Select an account type, then click Continue.
  4. Complete the account details.
  5. Click Save & Close.

 

For service items:

 

  1. Go to Lists, then select Item List (for Windows) or Items (for Mac).
  2. Click Item, then New (for Windows) or Plus + (for Mac), select New Item.
  3. Select the type of item you want to create.
  4. Fill out the item fields.
  5. Use Custom Fields to add your own customized fields.
  6. Click Save.

 

For the detailed process, you can visit this article: Record transactions for a property management company.

 

On the other hand, to do sales tax for your rentals, turn on this feature in your QBDT so you can start recording sales tax. Then, assign it to an item to add it in the future when you do invoices. Please refer to this article for a more detailed process: Set up sales tax in QuickBooks Desktop.

 

Have trouble choosing accounts or how to record the transactions? I'd suggest reaching out to an accountant. If you don't have one, we can help find someone near you.

 

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

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