Great Video! New to quickbooks and this was so helpful! Id love to see one where you put in bills and expenses of the rentals or tracking utilities that I receive but the tenant pays. Great job!
Hello, great video.. Thank you.. My understand is to setup multiple rental buildings, you would setup "company" for each building then use classes or jobs for tenants. However classes can only go up to 40 (I have more) for QBO unless Advanced version is picked ($200/month) or use QBD Pro Plus since it supports jobs and classes at $549/year.. (But QBD may disappear soon..). Which is minimum version of online or desktop Quickbook I can use to meet my need at least expensive price?
Hi, You have unlimited classes with desktop but they are trying to discontinue that product. If you have over 40 units I think you are not wasting your money on the advanced version. It would be a big pill to swallow if you only had 5 units and had to pay for that. Maybe you only track expenses by building instead of unit and that would keep your costs down.
Thank you for the easy-to-follow instructions. One issue is that not all the accounts for rent income appear on my list for product and services. I wanted to add items so I can send the invoice. Any suggestion?
Hello Hudson Valley Bookkeeping! Great video! I have a rental that used to be my personal residence that we converted 2 years ago. When tracking on QBO, should I enter in the details from the settlement on when it was purchased? Or just track the rental income/expenses? We plan to keep this condo for many, many years.
Hello! I was wondering if I have 40 properties should I create 40 sub-accounts for the Rental Income and Expenses and such or do you think dividing them up using classes is more efficient? Thank you so much!
Great break down. Thank you. Question. I own a retail property. they are all triple net. what or how do you categorize Insurance, common area expense and property tax? Group it into Base Rent, or make them into separate income?
Hi Woody, I think you should create items for the triple net items separately. Link those to separate income chart of account codes. You will want to see your base rent income versus your reimbursement piece. This will also make it easier for you to be sure you implement your increases.
This video does not address anything about ASC 842 and how that affects accounting for a landlord like this where you have one building with 3 tenants. Has anything changed? Or do we need to adjust accounting now for balance sheet or labeling?
Hello! I don’t know what ASC 842. This video is just to show how to track the state or city’s portion versus the tenant’s portion of rent. Best, Laurie
That’s a lot of doors. At that point you might need to get Appfolio for your rent rolls and rent collection. But I would still use QuickBooks for your accounting software and I would probably still break out the rent income by unit because I like that. But I wouldn’t create invoices or track receivables in QuickBooks.
@@hvbookkeeping Thank you, yes lots of doors! it is multiple buildings, some are individual and some are multi unit. currently, the units are set up as parents, and then every new renter is added as a "child" under that unit. Being newer to this, I was not sure if this is the best for the client or if a new QBO account set up similar to your suggestions would be better, or if you can just "start over" in the current account with new services as the rental units for the new year...
Thank you for your help! When I am in Charts of Accounts and click on "new" it never looks like what you have. Instead it only gives options in this form.... New category Categories are for tax time and accounting. Tags might be a better way for you to get custom insights. Find out more about tags Category name * New category name Create category under * Select category Description The lay out looks nothing like what you have when you clicked on "New"
Hi Mike, I know what you are talking about! I need to sign up for a new account and make some new videos. QuickBooks is selling a different version to newer clients. I was giving a lesson to someone and her QuickBooks was totally different and much clunkier.
@@hvbookkeeping Thanks! I figured it out! When I first got on the program they had me set as "business" view. I just had to use the settings to change it to "accounting" view. Thanks again for the video! Very helpful!!
Hi Laurie - this video is really helpful. How would you set this up if it's a commercial building and it is being rented as a shared space by several entities? There aren't separate units, so one layer of the sub accounts isn't needed. Currently there is only one building, but another commercial building will be purchased soon, so it's still necessary to keep the income separate by building. Thanks!
Hi Christine, Even though there aren’t technically any units you could still act as if they are just so you can run a nice rent roll each month. Maybe put their name and their % of space?? It’s always good just I’m case you go for financing. I would also recommend tagging to track units and or tenants. Is the new building going in the same LLC or partnership? I would recommend they go in a different one and that would also mean a new QuickBooks file. Best, Laurie!
@@hvbookkeeping Hi Laurie - thanks so much for the reply, I really appreciate it ! Would it be possible to reply to you offline? I don't want to put too much personal business info out there.
Hi Scott, I’m not sure if I understand. I don’t like my clients using debit cards because I’ve had several endure large fraudulent charges. Regarding bank feeds debit cards and credit cards are basically the same thing. I hope that helps!
Hi Cossack, I would only recommend QuickBooks. I’m not a fan of Quicken. Plus most CPA’s have QuickBooks and can run reports on your file if you give it to them.
went through many videos about same subject, this is the easiest to follow and understand, Thanks !
I’m so glad it helped! Please be sure to post any requests. Best, Laurie
Great Video! New to quickbooks and this was so helpful! Id love to see one where you put in bills and expenses of the rentals or tracking utilities that I receive but the tenant pays. Great job!
Hi Brooke, I just posted a video on tracking utilities. I hope that helps!
Laurie
Hello, great video.. Thank you.. My understand is to setup multiple rental buildings, you would setup "company" for each building then use classes or jobs for tenants. However classes can only go up to 40 (I have more) for QBO unless Advanced version is picked ($200/month) or use QBD Pro Plus since it supports jobs and classes at $549/year.. (But QBD may disappear soon..). Which is minimum version of online or desktop Quickbook I can use to meet my need at least expensive price?
Hi,
You have unlimited classes with desktop but they are trying to discontinue that product. If you have over 40 units I think you are not wasting your money on the advanced version. It would be a big pill to swallow if you only had 5 units and had to pay for that. Maybe you only track expenses by building instead of unit and that would keep your costs down.
So helpful. Thank you for taking the time to do a detailed tutorial.
You are welcome!!
Thank you for the easy-to-follow instructions. One issue is that not all the accounts for rent income appear on my list for product and services. I wanted to add items so I can send the invoice. Any suggestion?
Hi,
You should have an income code for each unit. Then make a separate item that is linked to each unit income code. I hope that makes sense!
Hello Hudson Valley Bookkeeping! Great video! I have a rental that used to be my personal residence that we converted 2 years ago. When tracking on QBO, should I enter in the details from the settlement on when it was purchased? Or just track the rental income/expenses? We plan to keep this condo for many, many years.
Hi,
I would post the purchase price on the BS and then speak to your accountant about your basis.
Thank you for this . Much appreciated!
You are welcome!!
Hello! I was wondering if I have 40 properties should I create 40 sub-accounts for the Rental Income and Expenses and such or do you think dividing them up using classes is more efficient? Thank you so much!
Hi,
I would create 40 rental income codes for rent roll purposes. I would only create one set of expenses and use classes.
Best!
Laurie
Thanks for the Great Tutorial!! :) Most Grateful! :)
You're welcome!
Great break down. Thank you. Question. I own a retail property. they are all triple net. what or how do you categorize Insurance, common area expense and property tax? Group it into Base Rent, or make them into separate income?
Hi Woody,
I think you should create items for the triple net items separately. Link those to separate income chart of account codes. You will want to see your base rent income versus your reimbursement piece. This will also make it easier for you to be sure you implement your increases.
Hi Woody,
I just created a video on how to separate out CAM charges. Best, Laurie
I was just convinced not to use quickbooks for a rental property. thanks!
If you have 50 properties with different owners for airbnb do you add units as the customers and owners as vendor??
Hi,
I’m sorry I’m not sure how to answer this question. Are you a management company?
This was a very helpful video. Great job
Thanks so much!
This video is awesome
Thank you!
This video does not address anything about ASC 842 and how that affects accounting for a landlord like this where you have one building with 3 tenants. Has anything changed? Or do we need to adjust accounting now for balance sheet or labeling?
Hello! I don’t know what ASC 842. This video is just to show how to track the state or city’s portion versus the tenant’s portion of rent. Best, Laurie
What if you have 80+ Tenants? Would you still suggest QBO for this process?
That’s a lot of doors. At that point you might need to get Appfolio for your rent rolls and rent collection. But I would still use QuickBooks for your accounting software and I would probably still break out the rent income by unit because I like that. But I wouldn’t create invoices or track receivables in QuickBooks.
@@hvbookkeeping Thank you, yes lots of doors! it is multiple buildings, some are individual and some are multi unit. currently, the units are set up as parents, and then every new renter is added as a "child" under that unit. Being newer to this, I was not sure if this is the best for the client or if a new QBO account set up similar to your suggestions would be better, or if you can just "start over" in the current account with new services as the rental units for the new year...
Thank you for your help! When I am in Charts of Accounts and click on "new" it never looks like what you have. Instead it only gives options in this form.... New category
Categories are for tax time and accounting. Tags might be a better way for you to get custom insights. Find out more about tags
Category name *
New category name
Create category under *
Select category
Description
The lay out looks nothing like what you have when you clicked on "New"
Hi Mike,
I know what you are talking about! I need to sign up for a new account and make some new videos. QuickBooks is selling a different version to newer clients. I was giving a lesson to someone and her QuickBooks was totally different and much clunkier.
@@hvbookkeeping Thanks! I figured it out! When I first got on the program they had me set as "business" view. I just had to use the settings to change it to "accounting" view. Thanks again for the video! Very helpful!!
Hi Laurie - this video is really helpful. How would you set this up if it's a commercial building and it is being rented as a shared space by several entities? There aren't separate units, so one layer of the sub accounts isn't needed. Currently there is only one building, but another commercial building will be purchased soon, so it's still necessary to keep the income separate by building. Thanks!
Hi Christine,
Even though there aren’t technically any units you could still act as if they are just so you can run a nice rent roll each month. Maybe put their name and their % of space?? It’s always good just I’m case you go for financing. I would also recommend tagging to track units and or tenants. Is the new building going in the same LLC or partnership? I would recommend they go in a different one and that would also mean a new QuickBooks file. Best, Laurie!
@@hvbookkeeping Hi Laurie - thanks so much for the reply, I really appreciate it ! Would it be possible to reply to you offline? I don't want to put too much personal business info out there.
Very helpful video.
You are the best! Thank you
Thank you!
Thanks for such a detailed video
Everyone uses bankfeed and how is a debit card more dangerous than a credit card. Are either a problem?
Hi Scott,
I’m not sure if I understand. I don’t like my clients using debit cards because I’ve had several endure large fraudulent charges.
Regarding bank feeds debit cards and credit cards are basically the same thing. I hope that helps!
Very helpful thank you!
Why do you choose “sales” instead of “rent & lease” when you first selected accounting and then chart of accounts? Thanks in advance
Hi!
I’m not sure! You can name an income account rent. That would definitely look better. Either way it’s income. 😀
For 5 units do you recommend quickbooks or quicken?
Hi Cossack,
I would only recommend QuickBooks. I’m not a fan of Quicken. Plus most CPA’s have QuickBooks and can run reports on your file if you give it to them.
@@hvbookkeeping Thanks!
Very Nice. Tnx
Thank You!
I think the LLC would be under partnership
Hi Eric,
In NY my clients all do LLC’s. Down south partnerships are more prevalent.