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Old 10-24-2015, 04:04 PM
psandoz psandoz is offline
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Join Date: Oct 2015
Location: Houston
Posts: 6
Rental Property Payment Posting

Hi all,

I'm new to QB and new to this forum. Appreciate any help to get me off on the right track.

I run QB16 on Mac and own several rental properties. I need to improve my bookkeeping and hope QB and this forum will help me reach that goal.

I've got a COA set up, properties and customers loaded and have loaded bank accounts and reconciled to bank statements.

For each rental payment, I will use Invoicing to record with Customer Payment. But I'm lost in how best to set this up. I don't see the fields on the Customer Payment like on the Journal Entry to allow multiple accounts to be recorded in one entry.

By way of example - the Jones live at property 123 Main. I am using Customer:Job to track this. The rent is $900/mo. Ideally I'd like to receive payment and have QB record it as follows each month to a few "reserve accounts".

$900 - 4100 - Rental Income
$400 - 123 Main Mortgage
$50 - 123 Main Property Tax
$50 - 123 Main Insurance
$50 - 123 Main Maintenance Repairs
$450 - Bank account (available cash)

Thanks in advance for any help or advice.
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Old 10-25-2015, 12:59 AM
Lorin Browning Lorin Browning is offline
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Join Date: Apr 2004
Location: Landrum SC
Posts: 656
First of all, you need to understand the differences between rental payments and rental receipts. It seems that you are concerned with rental receipts, which is revenue account on the chart of account, and you are not concerned with rental payments, which is a expense account on the chart of accounts.

Second, your numbering system suggests that you are looking upon mortgage payments as if they somehow function as do payments for taxes, insurance, repairs, etc. A mortgage payment is not an expense. A mortgage payment posts to a liability account in the chart of accounts. Note that liability accounts are considered Balance Sheet accounts and not Profit and Loss accounts. Payments for taxes, insurance repairs, etc. post as expense accounts. Note that expense accounts are considered Profit and Loss accounts.

Third, don't try to distinguish among property transactions by having separate accounts for each rental property. Instead, use QuickBooks Class function to track transactions affecting both Profit and Loss statements and Balance Sheet statement.

Fourth, get a basis accounting book and learn at least the accounting basics before trying to run QuickBooks, or at least hire a qualified person to come in to set up QuickBooks for you who will look at what you are doing on a regular basis -- whether weekly or monthly -- to keep your books somewhat in order.

Good luck.
Lorin Browning, Ph. D.
Fellow -- National Tax Practice Institute

Last edited by Lorin Browning; 10-28-2015 at 01:01 AM.
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