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Level 1

I receive a net income receipt from my property manager into my bank account. How do I easily account for this receipt into gross income and a variety of expenses?

I do not send out invoices to tenants as my property manager deals with all of that. I am an investor and trying to account for the receipt into my banking feed. I get a monthly statement from my property manager. Can I upload this to Quickbooks and it recognise the income and expense elements somehow? An as an example: Receipt into Banking feed: £1,000 Made up of: Gross Rental Income: £1,200 Expense 1: £100 Expense 2: £50 Expense 3: £30 Expense 4: £20 Net Rental Income Payment to Landlord: £1,000
3 REPLIES 3
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QuickBooks Team

I receive a net income receipt from my property manager into my bank account. How do I easily account for this receipt into gross income and a variety of expenses?

I appreciate the detailed information you've shared, martin41.  

 

We can record and make deposit and use expense and rental income account. Let me guide you on how to do it: 

 

  1. Click + New
  2. Choose Bank Deposit
  3. Under the Account drop-down arrow, select the expense and income account. 
  4. Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference. Remember, only select payments you need for each deposit. 
  5. Tap Save and close

 

 

 

You can also refer to these articles to see detailed steps and common questions about payments deposit in QuickBooks Online: 

 

 

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success. Have a great day!

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Level 1

I receive a net income receipt from my property manager into my bank account. How do I easily account for this receipt into gross income and a variety of expenses?

Hi Ailene,

 

Thanks for the prompt and detailed reply which was helpful. I have a few follow-up questions if possible to assist further:

 

  • I receive a monthly PDF statement by email with details of income and expenses from our property manager. Would I be better sourcing a CSV file from them, so that I can upload each separate line item of income and expense in order to allocate these individually in Quickbooks? As it stands I don't have these in Quickbooks and so I cannot allocate by Bank Deposit as you have outlined below
  • We have more than one property within the company and so have set up each individual property as separate Customers on Quickbooks in order to allocate income to each Customer. How do I go about doing the same with each property's expense, i.e. how do I allocated a specific expense to a specific Customer? At the moment I have set up multiple "Cost of Sale" lines referring to each customer, but when I try to run a report for a specific Customer I am only seeing income related to them and not expenses
  • In relation to bullet 2, is there a quick and easy way to show all Expense or Cost of Sale items across different Customers, e.g. if we wanted to see Management Fees across each of our different properties in a list format in Chart of Accounts, how would we go about showing this?

 

We are effectively wanting to try and set up Quickbooks to account for the Company as a whole, but have the ability to view each Property in singular, e.g. to see each property's own income and direct expenses relating to that property only.

 

Any pointers on how best to set up would be helpful. Thanks again for all your help.

 

Highlighted
QuickBooks Team

I receive a net income receipt from my property manager into my bank account. How do I easily account for this receipt into gross income and a variety of expenses?

I appreciate the complete details you've shared, @martin41.

 

Yes, you can request for a CSV file from your property manager. I've added a screenshot of the sample file so you can easily track your income and expenses in QuickBooks. 

 

3 columns

User-added image

4 columns

User-added image

 

Once your transactions are imported to the correct bank account, it will be listed in the For Review tab in the Banking page. Now, you can review each transaction and assigned it to the correct category

 

On the other hand, you can use the Class Tracking feature. This allows you to keep track of your expenses by department, location, property, project or event. Here's how to turn on class tracking in your account:

  1. Go to the Gear icon ⚙.
  2. Select Account and Settings.
  3. From the Advanced menu, scroll to the Categories section to edit.
  4. Make sure to make the Track classes tick box.
  5. Also, out a checkmark to Warn me when a transaction isn’t assigned a class
  6. Under Assign classes select One to the entire transaction or One to each row in a transaction.
  7. Click the Save button.
  8. Hit Done.

Now, you can assign a specific class for each imported transaction. Also, you can generate and customize your reports to group info by class. You can run You can read through this article for more detailed instructions: Run reports by class.

 

Keep us posted here if you have other questions about managing your property-related income and expenses. I'm always here to help.