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Are there samples to help small landlords? The categories don't seem to work for me.

Forum|Forum|7 years ago
December 11, 2018
3 replies
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I don't have vendors and sales, I have maintenance or capital improvement providers and consistent rent.

QuickBooks Desktop

Best answer by qbteachmt

I get this question in my class from Landlords every time. Don't get hung up on Terminology.

Vendor = payee names for goods and services. So, of course you Have Vendors, such as the Names you pay for electricity and Repairs and the City for taxes.

Of course you have Sales = Charges. You "sell" the use of Spaces. Rent is a Charge item as a Sale you make every month.

The next thing to do is get your Tax forms and look at the Account Reporting. You cannot report what you do not Track in the bookkeeping.

"I have maintenance"

Repairs is an Expense account.

"or capital improvement"

Asset accounts.

"providers"

Names on the transactions that you enter, to show Who you are paying and Why you are paying them. That is why you add them as Vendors = I write a check to pay sewer and water every month, and I pay a Vendor (who might be subject to 1099 reporting) for Lawn Care and Snow Removal, etc.

"and consistent rent."

Customers pay you Rent, which is what you Charge to them and is your Operations as Sales. Sales Revenue.

Think of this as a Business and the terminology starts to apply.

qbteachmtAnswer

I get this question in my class from Landlords every time. Don't get hung up on Terminology.

Vendor = payee names for goods and services. So, of course you Have Vendors, such as the Names you pay for electricity and Repairs and the City for taxes.

Of course you have Sales = Charges. You "sell" the use of Spaces. Rent is a Charge item as a Sale you make every month.

The next thing to do is get your Tax forms and look at the Account Reporting. You cannot report what you do not Track in the bookkeeping.

"I have maintenance"

Repairs is an Expense account.

"or capital improvement"

Asset accounts.

"providers"

Names on the transactions that you enter, to show Who you are paying and Why you are paying them. That is why you add them as Vendors = I write a check to pay sewer and water every month, and I pay a Vendor (who might be subject to 1099 reporting) for Lawn Care and Snow Removal, etc.

"and consistent rent."

Customers pay you Rent, which is what you Charge to them and is your Operations as Sales. Sales Revenue.

Think of this as a Business and the terminology starts to apply.

I

IntuitBrooks

If you have a lot of rentals (like an apartment building) I've seen the "customers" set up as the apartment numbers. I don't know how that turns out ultimately but thought it was interesting.

qbteachmt

"I've seen the "customers" set up as the apartment numbers."

Yes, you set up Customer Name for the Property and Tenants are Job Names; or, even Sublevels like this:

Building address:Unit #:Tenant

That allows you to track Rent to the Current tenant, track if you still have the security deposit for the prior tenant and even track a Pre-move in deposit for the Upcoming tenant. That allows you to track Job Status for the Unit = Needs Repair or Ready To Rent, and Job Type for the unit, such as 2 bed/2 bath. It also allows you to Job Track all repairs and improvements, such as Building 1 gets a new roof, and units 2 and 3 got new Appliances; unit 4 gets Window Blinds; unit 5 gets Carpet.

Now you have Costs, revenue, profitability, and Sales reporting.

R

rhonda24

Can you provide a very clear, precise example of this? I see people talking about how to do it, but I've never actually seen any clear, step-by-step instructions on how to do this in quickbooks. I've been looking at a couple of other options besides QB just because I cannot find any clearly written instructions on how to set up the rentals.

AlcaeusF

Hello hoveyjiler,

Thank you for getting in touch with us about setting up the categories.

If you're trying to add new accounts to your Chart of Accounts, it would be best to check our QuickBooks for Mac User's Guide. The user's guide will help you correctly set up your QuickBooks for Mac. Let's scroll-down to page 46 for the steps on adding or editing accounts.

Let me know if this helps. If you're referring to something else, please provide us with more details. Sending us a screenshot by editing your post would also be a great help as well.

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