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penbica
January 25, 2019
Solved

I have an LLC for 3 rental houses with long-term tenants. I need to track rev/exp by property.Should I use classes, locations or projects? I'm using QBO plusThanks!

  • January 25, 2019
  • 6 replies
  • 48 views
No text available
Best answer by Alessandra_B

Hey there, @penbica.

 

You can actually consider both of your ideas. But I still recommend checking with your accountant which is the best option to consider. Nevertheless, I'd be glad to guide you on how to perform each option in your QuickBooks Online account

 

Here's how to record your houses as a product:

  1. On the left panel, hover your mouse on Sales, and choose Product and Services.
  2. Click on New.
  3. Once done, you may select this item for your tenants.

If in case your accountant would advise you tracking your houses as divisions, you can utilize our Class or Location Tracking feature. Here's how you can turn them on:

  1. Click on the Gear icon, click on Accounts and Settings.
  2. Click on Advanced.
  3. Under Categories, tick the Track Classes or Track Locations box.

If you have any other questions, please let us know in the comment section below.

6 replies

Rustler
Rustler
Level 15
January 25, 2019

the houses would be customers
the tenant a sub customer of that house

Then a class for income and expense, house1 house2, etc

when you invoice for rent or pay an expense tag things with the class.  Class allows you to tag item lines, so if you paid for plumbing at two houses, you could list the plumbing expense account, $$ and tag that house, do it again for the next house with a different class

    P
    penbicaAuthor
    January 25, 2019

    Thank you so much for your help.

     

     

    M
    Malcolm Ziman
    Level 4
    January 25, 2019

    Given there are only 3 units, you don't really need to use the Class feature. You may not have it as it is only available in Plus.  You can use Customer for the unit, and sub-customer for the tenant. You can assign expenses to customers by line just like Class, and run a P&L by customer. You cannot collapse the columns so you'll get the subs also, which may make it a bit cumbersome. Definitely not Projects, as you can only have one customer per project. Also not Locations as you cannot split expenses by Location 

      P
      penbicaAuthor
      January 25, 2019

      At any given time I only have 1 customer per project.  I agree - houses are not projects. To my mind they should be products that I lease, with my tenants coded as customers.

       

      Or business divisions with 1 product per division. That would be ideal.  I guess Quickbooks online does not incorporate business divisions?

       

       

      A
      Alessandra_BAnswer
      Level 5
      January 25, 2019

      Hey there, @penbica.

       

      You can actually consider both of your ideas. But I still recommend checking with your accountant which is the best option to consider. Nevertheless, I'd be glad to guide you on how to perform each option in your QuickBooks Online account

       

      Here's how to record your houses as a product:

      1. On the left panel, hover your mouse on Sales, and choose Product and Services.
      2. Click on New.
      3. Once done, you may select this item for your tenants.

      If in case your accountant would advise you tracking your houses as divisions, you can utilize our Class or Location Tracking feature. Here's how you can turn them on:

      1. Click on the Gear icon, click on Accounts and Settings.
      2. Click on Advanced.
      3. Under Categories, tick the Track Classes or Track Locations box.

      If you have any other questions, please let us know in the comment section below.

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