Let me help you setting up your business, Rbea.
You can add all your properties as customer and the property manager as class. That's the easiest way to track all transactions made by your property manager. Let's follow these steps on how to add a customer:
You can also check this article for more details: Manage your customer list.
Once done, we can now turn on your Class tracking so can add your property manager. Though, this option is only available in QuickBooks Online Plus and Advanced.
I'll be right here if you have more clarifications. Have a great day!
Having been in rental real estate since 2001 let me direct you towards a better solution than the one presented by @AlexV
Yes, you will want QBO Plus with Class Tracking but your property manager is not a class but a vendor. You would create a class for each property (by deed or property tax ID). Since you are not considered a full time real estate professional your p&l will be reported on Schedule E one column per property.
From the monthly statement you enter info on income and expense and as assigned by property which is Class. Each property will also exist on your chart of accounts as a fixed asset.
Alternately if you choose to forgo the added cost of Class Tracking which requires Plus or higher you would in fact enter each property as a customer and enter sales receipts monthly. However you will have to enter a receipt each month for each property whereas with class tracking all expenses and income can be entered on a single monthly sales receipt and single monthly expense voucher saving you time and effort.
Since you have a manager managing g individual units you only need to record transactions at the property level and your quickbooks company file would never need to contain tenant info
I am in the same boat... I have set up each property as a customer. Now I have entered each gross rent paid by the property management company (do I need to enter this a certain way?) and each expense paid by the property management company but now I need to show the expense (bill) as paid. How do I do that when I am not using a check or a CC, the PMC is netting the expenses out of the rents due...?
I own a rental real estate business. I own some properties myself, and I manage properties for numerous other landlords. How would you suggest that I load tenants, utility expenses per property, landlord payments, commissions, etc.
John, the question I have is when filing your tax returns. I really like the idea of using classes to track each property, but when it comes to tax reporting the IRS tends to complicate things by requiring you to report each property separately (Form 8825-A, B, C, etc). Tax mapping is done on the COA level and not the class level. So besides setting up each income and expense line with it's own property as a sub account (and the ability to tax map each property separately), is there another way that's simpler? Thanks.
Alex and John both had good suggestions!
My team created a best practice Chart of Accounts for companies that own and manage real estate. You can check it out here....it might be helpful as well!