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chris10mf
Level 1

How to add rental properties to an already existing company

I am currently working with a new client that has waste removal company but also has rental properties on the side. I was wondering what is the best way to set this up in Quick books? Can I just set up a class for each property and add it to the all the A/P and A/R that I enter or does it have to be set up as a separate company through another Quick books account? 

 

Thank you!

 

Solved
Best answer October 02, 2020

Best Answers
DivinaMercy_N
QuickBooks Team

How to add rental properties to an already existing company

Thanks for providing details of your concern, @chris10mf.

 

Allow me to provide some info about setting up rental properties in QuickBooks Online (QBO). To determine if you need to have 2 QBO accounts or not, this will depends on how the Sales Taxes are reported. If they are reported as a single entity with the Government then, you can use "Class" or "Location" tracking to separate them. But, if they are reported to the Government separately, you have to create 2 QBO accounts

 

Also, you may consider reading helpful articles that can guide you in managing your books in QuickBooks Online: QBO help articles. This includes topics such as setting up and connects apps, track employees' time, set up online payments, etc. 

 

Feel free to post a reply below if you have other questions about adding rental properties in QuickBooks. I'll be here to help you. Stay safe.

View solution in original post

2 Comments
DivinaMercy_N
QuickBooks Team

How to add rental properties to an already existing company

Thanks for providing details of your concern, @chris10mf.

 

Allow me to provide some info about setting up rental properties in QuickBooks Online (QBO). To determine if you need to have 2 QBO accounts or not, this will depends on how the Sales Taxes are reported. If they are reported as a single entity with the Government then, you can use "Class" or "Location" tracking to separate them. But, if they are reported to the Government separately, you have to create 2 QBO accounts

 

Also, you may consider reading helpful articles that can guide you in managing your books in QuickBooks Online: QBO help articles. This includes topics such as setting up and connects apps, track employees' time, set up online payments, etc. 

 

Feel free to post a reply below if you have other questions about adding rental properties in QuickBooks. I'll be here to help you. Stay safe.

View solution in original post

chris10mf
Level 1

How to add rental properties to an already existing company

Thank you soo much! This is exactly the information I have been looking for. I appreciate your speedy response!