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Level 1

I have 3 rental properties - all I own and manage myself. how do I record expenses so they can be reported by property? I have set up the 3 properties as customers

 
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Level 10

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they can be reported by property? I have set up the 3 properties as customers

Yes, you can make the property a Customer, and the tenant a sub-customer. But I would prefer to use Class (QBO Plus), as you will get a cleaner P&L; by Class, instead of by Customer

QuickBooks Team

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they ca...

Good day, @karenlemaster1.

 

Welcome to the QuickBooks Community. I can help you record your expenses to report by property in QuickBooks.

 

I agree with @Malcolm Ziman. You can set up and use the location feature. This allows you to track your expenses by property. Here's how to turn it on:

  1. Click the Gear icon.
  2. Choose Account and Settings.
  3. Select the Advanced tab.
  4. In the Categories section, select the edit (pencil) icon.
  5. Enable Location tracking by putting a check mark on the box.
  6. You can change the label to Property.
  7. Click Save.
  8. Click Done.

 

To create different properties, you have to follow these steps:

  1. Click the Gear icon.
  2. Choose All lists.
  3. Select Properties.
  4. Click New.
  5. Enter the necessary information.
  6. Click Save.

When creating an expense, there's a specific field where you can select a property. 

 

For in-depth information, you can refer to this article: Set up and work with class and location tracking. You can also run reports according to the property they're into.

 

There you have it. Let me know if you have other questions about properties. I'm here to help you more. Have a wonderful day.

Level 10

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they ca...


@HoneyLynn_G wrote:

 

 

I agree with @Malcolm Ziman. You can set up and use the location feature. This allows you run a report of the expenses according to property. Here's how to turn it on:


I think Class would be better as then you can split an expense between different properties, which you can't do with Locations. 

Level 15

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they ca...

Actually you do both

 

property is set up as the customer, with the tenant being the sub customer

 

then class is set to track transactions per property

Level 10

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they ca...

Only if you have multiple tenants per property. If there is just one, there is no point

Level 15

Re: I have 3 rental properties - all I own and manage myself. how do I record expenses so they ca...

well, sooner or later that tenant will move and another will move in, using subcustomers allow you to keep the history of the tenant, and isolate the transactions for the new tenant.

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