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Level 1

How do I set up separate accounts for each of 5 rental properties? I have already done a couple months in 2020 with all together. How do I start 2020 all over again?

 
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QuickBooks Team

How do I set up separate accounts for each of 5 rental properties? I have already done a couple months in 2020 with all together. How do I start 2020 all over again?

It’s great to see you in the Online Community, bpurtax.

 

Setting up each account for your rental properties has never been easy. It just takes a couple of minutes, so let’s go to the Account window to accomplish this task.

 

  1. Tap the Accounting menu on the left panel to choose Chart of Accounts.
  2. On the All Lists page, click New to open the Account window.
  3. From there, key in the correct account in the Account Type field and choose the category in the Detail Type drop-down.
  4. Enter a term that will identify each account in the Name field.
  5. Fill in the remaining field boxes.
  6. Click Save and Close.
    re.png re1.png

You’ll have to perform the same process for remaining accounts. Each business has a unique structure, and it's the same with the categories used when tracking transactions. I suggest consulting with your accountant for the right one to use in the Account window.

 

However, if the company is beyond 60 days, manually delete the transactions and enter the new ones. Aside from that, you can consider subscribing to a new QBO account to start over. 

 

Make sure to cancel the previous one to prevent any additional charges. Here’s how:

 

  1. Go to the Gear icon to select Account and Settings.
  2. Tap the Billing and subscription tab on the left panel.
  3. This will open your subscription details.
  4. From there, hit the Cancel subscription link.
    re2.png
  5. Another window will open informing about the process.
  6. Follow the on-screen instructions to complete the procedure.

For a product comparison (QuickBooks versions), simply visit this site and then hit the Buy now menu to purchase. From there, follow the instructions to finish the process: https://quickbooks.intuit.com/ph/online-compare/ .

 

If the account is less than 60 days, use the purge option to wipe your data. This feature is only available in QuickBooks Online Plus and Essentials.

 

Check out the Delete your data and start over in QuickBooks Online article for more details.

 

Keep me posted if you have any other concerns or questions about the product. I’m here ready to assist further. Enjoy the rest of the day.

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Level 13

How do I set up separate accounts for each of 5 rental properties? I have already done a couple months in 2020 with all together. How do I start 2020 all over again?

@bpurtax 

If you have to open a new QBO account, make sure to click the Buy button to get the discounted price for up to 6 months. If you purchase from the trial account, you have to pay the regular price.

https://quickbooks.grsm.io/US

https://quickbooks.grsm.io/us-promo

 

Hope it helps.

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