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  #1  
Old 03-25-2006, 09:13 PM
stedthomas stedthomas is offline
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**URGENT** Setting up Real Estate Property Management company

I am seeking some advice on the best way to set up a real estate property management company that owns a number of properties in QuickBooks. I would like to be able to track expenses and rental income for each property on a daily, monthly and for year-end tax reporting purposes. Any recommendation on a good book that could help is welcomed.
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  #2  
Old 03-25-2006, 09:17 PM
Bushwack Bushwack is offline
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Re: **URGENT** Setting up Real Estate Property Management company

Quote:
Originally posted by stedthomas
I am seeking some advice on the best way to set up a real estate property management company that owns a number of properties in QuickBooks. I would like to be able to track expenses and rental income for each property on a daily, monthly and for year-end tax reporting purposes. Any recommendation on a good book that could help is welcomed.
To clarify, you're a management company that OWNS several properties or MANAGES several properties?
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  #3  
Old 03-26-2006, 12:09 PM
Joey Joey is offline
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If the company "owns" the properties, then go to Preferences and turn on Class Tracking under the Accounting tab there. Assign a Class to each property. For each Income and Expense transaction, assign it's proper class. You can then produce a Profit and Loss Report by Class for taxes. You only need one Chart of Accounts instead of sub accounts for each property.
If the company doesn't own the properties, it's different.
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  #4  
Old 03-26-2006, 07:54 PM
stedthomas stedthomas is offline
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Thanks for your response and advice.
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  #5  
Old 04-04-2011, 10:00 AM
THRealtyService THRealtyService is offline
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you can also put your company in the list! Where you can assists your own accountable files... Used it

Carmel Property Management
AM Realty Indianapolis
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  #6  
Old 06-05-2011, 05:20 PM
Cora Cora is offline
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My company owns and manages one rental property and manages two rentals properties that it does not own. How should I set up the Chart of Accounts?
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  #7  
Old 06-06-2011, 05:48 AM
Joe Williams Joe Williams is offline
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I would create a customer for your company owned property and then create a job under it for the renter.
To track the managed rentals I would create a customer for the owner and then a job for each of the properties with a sub job for the renter.
Create an item for the monthly rent, rent deposit and any other item that you charge the renters.
You can then get a P&L report by Customer to show the income and expense by "customer" for each of the rental properties. When you send a check to the owner for the property you manage use a unique EXPENSE account named something like "Owner’s Fee".
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  #8  
Old 07-03-2011, 10:25 AM
KarenWeibel KarenWeibel is offline
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Using QuickBooks for Property Management

It's all about the list within QuickBooks software. Knowing what to turn on (class list) how to create your items (rent, security deposit, late fees,etc.) and working with a good chart of accounts.

You may want to do a search on the Internet if you have not already and see who out there have already mastered this task and use some of their services.

I have used QuickBooks for my property management company in Oregon for over 5 years now. I have done a lot of customizing within my company files. QuickBooks is unlimited on what you can do - It's GREAT!!!

Looks like you are getting some good advise by going to the QuickBooks Users site.

Karen
Certified QuickBooks ProAdvisor
State of Oregon Licensed Property Manager
www.quickbooksrentalaccounting.com
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