All the step-by-step tutorials on how to record your daily business transactions in QuickBooks are not different – From tracking your income from rents: Sales receipts or generating Invoice, Deposit and Withdrawal of funds from bank, tracking property sales performance, Tracking and Filing VAT returns to Employee and Payroll management and Generating management reports – Profit and Loss account and Balance Sheets.
However, there is one function property managers are more concerned about when setting up accounting software solutions for their business – to track rent and service charge transactions that are tailored to a specific property by location or type.
Here are the tips to resolve these transactions in QuickBooks.
The class feature in QuickBooks has been designed to help property managers separate income and expense transactions by properties or locations.
Read my post on how to set-up class in QuickBooks
In real estate business, it is crucial for managers to track all the properties to ascertain the true value of each property transaction for better decision making.
Profit and Loss by Class
When you track your property transactions separately QuickBooks will generate a report by class which shows a summary of income and expense transactions relating to a particular property.
To create this report, click on Report menu, select Company and Financials and then Profit and Loss by Class
Click on Profit and Loss by Class to view transactions on a particular property.
For more tips on how to manage your real estate business in QuickBooks, contact us.
If you also handle contracts business, you can refer to my post on QuickBooks for Contractors