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.
Tap the Accounting menu on the left panel to choose Chart of Accounts.
On the All Lists page, click New to open the Account window.
From there, key in the correct account in the Account Type field and choose the category in the Detail Type drop-down.
Enter a term that will identify each account in the Name field.
Fill in the remaining field boxes.
Click Save and Close.
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:
Go to the Gear icon to select Account and Settings.
Tap the Billing and subscription tab on the left panel.
This will open your subscription details.
From there, hit the Cancel subscription link.
Another window will open informing about the process.
Follow the on-screen instructions to complete the procedure.