Property Management Fund Movement

Yes, you can absolutely manage this in QuickBooks Online (QBO) by setting up the broker's trust account as a separate bank account next to your own operating bank account. This allows you to move money to your clients and your own business each month while keeping your legal records clear and accurate.

Here’s how:

1. Add the trust account as a bank account with the detail type set to Trust Accounts - Liabilities.
2. Add the operating account as a standard bank account.
3. For each property owner, create an Other Current Liability account to track how much money you're holding for them and keep each owner's funds separate.

Once that's set up, when rent comes in, record it as a deposit into the trust account and assign it to the correct owner's account so every dollar is properly tracked.

Then, at the start of each month, for client rent payments, go to +Create, select Check or Expense from the trust account, and select the owner's account as the category. This marks the payment as sent and clears their balance.

For your management fees, record a Check or Expense out of the trust account under your Management Fees account, then record a deposit into the operating account using that same account.

Lastly, you'll need to reconcile your trust account’s bank statement, your trust account records in QBO, and the total of all owner balances, and all three should match.

On top of that, we also recommend consulting with your accountant or a property management finance specialist to make sure everything meets Hawaii's requirements.

Comment down below if you have additional questions.