property

Thanks for using QuickBooks in tracking your rental properties, @magic505magic.

I've got some information on setting up your six-building rentals in QuickBooks Desktop. Thus, you'll be guided respectively. 

Since you've various buildings, I'd recommend creating separate Rental property company files for each of your rental buildings. This way, you can track and manage your data separately from each other. 

Although if you're a property manager, you provide service to property owners and the tenants of those properties. In such a case, you need to create and manage two company files:

• Rental property company. You collect rent, pay bills, and manage the property for an owner.
• Property management company. That is your own company where you receive income for managing properties.

Here's how to set up a Rental property company: 

1. Set up tenants and vendors if you haven't already. 
2. Add accounts and service items you use.

       3. Go to the Banking menu and click Make deposits to record the security deposits. 

       4. In the Received From column ▼ dropdown, select the tenant.

       5. Select the security deposit account you set up in the From account ▼ dropdown.

       6. Enter the amount, then tap Save and close.

       7. After that, record the rent income from each tenant, either invoice or sales receipts. 

       8. Record the expenses for each property, either bills or checks. 

       9. Then pay the property owners by writing a check. 

For a Property management company, check out this article for the complete instructions: Record transactions for a property management company.

Additionally, you can run the Profit and Loss report to check or calculate how much to transfer to the property owner's account. 

Moreover, I'd suggest consulting an accountant to help you choose the most suitable accounts. If you don't have an accountant, we can help find one near you.

Lastly, to know more about how to use the finance charge feature and accounts receivable workflows, check out these pages below. 

• Assess finance charges

• Get started with customer transaction workflows

Keep in touch again if you have more questions about your rental properties. I'm always around to lend a hand. Keep safe.