How to set up leases for rental properties

Hey there Vomca,

I love that you're using QuickBooks to make managing your business' books a little easier. It's fantastic that you're looking to explore the features offered by our small-business accounting software to capture additional parts of your business. Let me give you a hand with that.

While this question is best suited for an accounting professional, as they know the best ways to account for rental properties and agreements in your books, I have a suggestion that just might do the trick. QuickBooks Online Plus has a feature called Projects that allows you to create jobs for specific customers and track all of the related income and expenses in one easy location. Check out our Projects FAQ to learn more.

You could use the Projects feature to set up a project for each rental property you own. Add the relevant expenses, invoices, and other transactions directly to the Project, and even track time calculate the hourly cost using QuickBooks Online Payroll. Find out how to Track income, costs, and profitability by project to figure out if this is the right fit for your business. If you're not already using QuickBooks Online Plus, you can Upgrade your subscription at any time so that you're able to take advantage of this feature.

As I mentioned previously, consulting with an accountant on this is the best course of action to take. They'll know exactly what accounts should be set up and what types of transactions you should use to record leases and income from rental properties. If you haven't yet, invite your accountant to work with you in QuickBooks by navigating to the My Accountant tab. You'll also find the Find a pro to help button on this page, which is great if you don't have an accountant just yet. It'll take you to our database of QuickBooks certified accountants who can support you with setting things up the right way for your business.

Let me know if you have any QuickBooks-related questions and I'd be happy to give you a hand. Perhaps some of the accounting experts here in the Community will chime in on this post to give you a hand as well. Take care!