Prepaid rents

Your suggestion will work, @Ginny1029. I'd be pleased to outline the details steps to achieve the task. 

I'll help manage your rental hall data in QuickBooks Desktop. This way, your books and reports will always be accurate.

First, let's create a new customer for your rental hall. Follow the steps below: 

1. Go to the Customers menu and choose Customer Center. 
2. Click the Add New Customer tab. 
3. Select New Customer.
4. Enter the company information and hit Ok.

Next, set up accounts and service items you use. Go as follows: 

1. Press Ctrl + A to open the Chart of Accounts page. 
2. Click the Account drop-down and pick New. 
3. In the Account Type, select Income and Rent one at a time. 
4. Click Continue and complete the account details.
5. Hit Save & Close.

Following, create a Bank deposit to record your security deposit and use a liability account if applicable. After that, create an Invoice (receive payments at a later date) or Sales Receipt (receive their payments right away) to track the rent income. 

After that, record the expenses of the rental by either creating a Bill (pay them at a later date) or a Check (pay your vendors right away). Once done, write a check to pay your property owners. 

For the step-by-step procedure, check out this link: Record transactions for a property management company.

If you need further assistance or other options, I'd recommend consulting an accountant. They can help you manage your rental transactions that suit your business needs. If you don't have an accountant, we can help find one near you.

Furthermore, check out these articles below on how to manage your chart of accounts and reports in QuickBooks: 

• Work with the chart of accounts in QuickBooks Desktop
• Understand reports

If you have any other questions about rental transactions in QuickBooks, please notify me by adding a comment below. I'm always here to help. Keep safe!