cancel
Showing results for 
Search instead for 
Did you mean: 
Anonymous
Not applicable

Multiple Divisions under Company?

I've previously used QB from years ago, and just installed Desktop Premier. While my situation has changed a bit from what I originally obtained this version for, its now more basic but I'm not sure how to setup this situation...

 

Basically I want the "Company" to be my overall entity, but the "Divisions" would be

     Personal (Income, Credit Cards, Bank Accounts, 401k, bill pay, mortgage (standard home accounts) tracking all expenses for budget planning)

     Rentail Prop 1 - While this is currenlty a Rental property, I'm in the process of selling it.

     Rental Prop 2 - While this is currently a Rental prooperty, I"m in the process of selling it.

     Collectibles and Auto Parts - I have some items that I will be selling as I downsize, so I'd like to track those for basis and sales to calc gain / loss as I go.

 

Any suggestions on the approach to set these "divisions" up so I can begin importing the transactions and values? Sooner the better.

 

Thanks for any adivice (I know the older version I could do this - but it's been a while and I have no idea what approach to take.

1 Comment
IamjuViel
QuickBooks Team

Multiple Divisions under Company?

Appreciate the complete details of your concern, @Anonymous.

 

Welcome to the Community! Helping you manage your rental property is my priority. Let me provide you with steps in setting up your company file so you can run your property management business smoothly.

 

First, let's enable your class tracking so you can set up each property as Class.

  1. Click the Edit menu.
  2. Choose Preferences.
  3. Select the Company Preferences tab.
  4. Click on Use Class Tracking.
  5. Select Prompt to assign classes.
  6. Hit Ok

Here's how to create a Class List:

  1. Go to Lists menu.
  2. Choose Class List.
  3. Click Item drop-down, then select New.
  4. Enter the name of the machine.
  5. Click Ok

Once completed, let's set up each tenants of the rental property as Customers. This will allow you to track all the income and expenses as for each property.

  1. Click the Customers menu.
  2. Choose Customer Care.
  3. Select New Customer & Job drop-down.
  4. Click New Customer.
  5. Enter the customer details.
  6. Click Ok.

Lastly, create an inventory item to keep track of the items that you need to sell and it's actual cost.

  1. Go to Lists menu.
  2. Choose Item List.
  3. Click Item drop-down, then select New.
  4. Choose Inventory Part.
  5. Enter a desired name of the item and specific amount.
  6. Choose the Account where you want to post your machinery maintenance expenses.
  7. Click OK.

 

For additional insights you may check out these articles:

That should do it! Always feel free to visit us here in the Community if you have other questions about managing your rental properties in QuickBooks. I'm always here to help.

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up