Question

property management / tenant monthly rent

Forum|Forum|5 years ago
August 10, 2020
1 reply
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hi,

i've had quickbooks 2015 for a while to use as something to keep track of my payments and such to hand out to my accountant. i just recently downloaded the 2020 version of quickbooks for mac and am having some trouble with what im trying to do and though i've contacted quickbooks support many times, i haven't been able to get a clear solution.

my issue is that i'm trying to make a recurring invoice for all the tenants that owe me monthly rent but every time i try to create an invoice and charge their monthly rent, the balance comes out as negative and i'm unable to save the invoice with a negative balance. i am almost positive it is because i set up my properties as customers and my tenants as jobs and all my tenants have an open balance of 0.00. im not really sure what this open balance means im unsure of how to make every tenants invoices not to jump into the negatives. and without being able to make an invoice, i can't put in their payments of monthly rent that i have received to wash out the amount due. when i do try to create a monthly rent check i've gotten, i choose the option to deposit it into my bank in which it does deposit so my bank total goes up but then, also, in my chart of accounts, the accounts receivable amount goes up in negative balance.

i'm not necessarily using quickbooks to realistically charge my tenants, as i write personal letters to them and have hand written ledgers but i wanted to start using quickbooks to keep track of who is paying and who is not paying monthly so that i can possibly send them invoices of whatever is due for them. i don't actually charge them through quickbooks though because i just wanted to use quickbooks for my personal record usage. does any one know how to solve this issue for me??

QuickBooks Desktop for Mac

MaryLurleenM

You'll want to use class tracking, wandamendoza.

Class tracking lets you track your account balances by department, business office or location, separate properties. Or in your case, per tenant.

Go to the QuickBooks menu, then select Preferences.
In the Workflow section, select Transactions.
Select the Use class tracking checkbox, then close the Preferences page to save the changes.

Learn more about class tracking: Set up and use class tracking

Since you want to track the payments, you can also create a sales receipt. This is used when you receive their payments right away. Here's how:

On the QuickBooks Home screen or the Customers menu, go to Create Sales Receipts/Enter Sales Receipts.
From the Customer: Job drop-down, select a customer or job.
Fill in the relevant information at the top of the form like the Date and Sale No.
Choose the payment method.
In the detail area, select the item(s) you propose to do or include as a sale.
Click Save & Close.

You can learn more about recording transactions here: Record transactions for a property management company.

We can create memorized transactions so you'll get a reminder every time you need to create an invoice/sales receipt.

Enter the transaction the way you want it to show up each month.
Select Memorize [Transaction Name], from the Edit menu.
Enter a Name.
Enter any other info, then select OK.
Select Save & Close or Save & Next.

If you want to set up an automatic schedule, make sure to fill in the How Often and Next Data fields.

Also, you can see your memorized transaction. Go to Lists and select Memorized Transaction List. For more information, please refer to this article: Create, edit, or delete memorized transactions.

I'm always here if you have additional questions.

W

wandamendozaAuthor

if i use class tracking, what should be under the class list if i already have the customers set up as my properties and the jobs of the customers set up as my tenants?

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