Invoicing - Calculating days of rental period

I'm here to share information about tracking transactions for a rental property company, @offshorehvacnj.

The ability to generate "start" and "end days" of a rental period when creating an invoice isn't possible in QuickBooks Desktop. But the program offers a way to keep track of your rental income and expenses without doing some manual calculations. You just need to complete the setup and enter the correct details.

Check out this article on how to create a company file for rental property: Record transactions for a property management company.

If your tenants make late payments, you can use QuickBooks’ finance charge feature to calculate and add the late fees to their invoices.

If you need further assistance in managing your transactions, please don't hesitate to add a comment below. I'm always here to help. Take care!

Thanks for the quick reply.

Is it absolutely necessary to create two company files to achieve this?

Thanks for coming back to the Community, offshorehvacnj.

Let me provide some information on how QuickBooks Desktop (QBDT) handles rental property.

The desktop program wants to ensure you’ll be to track the rental transactions as well as your own management company. That’s why you’ll have to create two company files to keep entries separate from each other. For detailed information about the setup process, feel free to check the article shared by @MadelynC.

Alternatively, you may want to consult your accountant for further assistance. They can help and guide you on how to record the transactions and recommend which account to use for your rental property.

This reference outlines the tasks you’ll have to do to help prepare for the tax season: Year-end guide for QuickBooks Desktop. Click on each to view the complete details as well as the article related to each process.

Don’t hesitate to post a comment if you have any clarifications on how to record your rental transactions. I’ll get back to answer them for you. Wishing your business continued success.