Owner of rental homes managed by property management

Why don't you switch to QB Desktop 2021 Premier with a one time license for 1 user to manage 4 company files?

How much is that? Also, does that have the capacity to track miles? Do I need to upgrade every year to a new version? 

Hi ShellyK13!

Let me welcome you to QuickBooks Community. Allow me to assist you with the management of your rental homes.

QuickBooks Self-Employed is designed to track the income and expenses of your self-employment. The best way to track rental homes by property management companies is through tags. Tag is a tracking feature that allows you to track the cash flow of specific areas of your business.

Please follow these steps:

1. Select the Gear icon, then Labs.
2. Under Tagging, select Turn it on.
3. In Transactions, start marking transactions as Business or Personal.
4. Select + Add tag once it appears, and start tagging away. You can name them whatever you want, and choose colors for them.

You can also create new tags by clicking the Gear icon, then Manage tags. QuickBooks Self-Employed also provides Tag Totals report that shows income and expense summaries by each of your tags which you can find in the Reports menu.

The QuickBooks Desktop Premier, suggested by Fiat Lux - ASIA, is one of the versions of our desktop accounting software. Depending on the plan, you're required to upgrade to a newer version, and yes, it can track mileage. Please check this microsite to learn more about this product especially the pricing: QuickBooks Desktop Premier.

Need help in filing your taxes? These articles will show you the necessary info to stay compliant in filing your taxes:

• QuickBooks Self-Employed annual tax guide

• Pay federal estimated quarterly taxes in QuickBooks Self-Employed

Leave a comment again here if you have other concerns. Take care!

@ShellyK13 

You can purchase QB Desktop 2021 Premier for 1 user worth $650 at marketplaces (e.g Amazon). It is a one time license and you don't need to pay any renewal. You can purchase it thru a partner/reseller if you prefer to pay it without credit card. Then to track miles, you just need to keep using one QBSE account only or utilize MileIQ to lower your cost. 

Unless your own ownership of each rental home is in a different LLC you do not need more than one QB file, whether QBO Plus with Class Tracking or just plain old QBDT Pro. Class Tracking will keep proper track of 4-400 (well only 40 on QBO Plus) separate deeded properties based on class to have a separate column on Schedule E.

The 4 independent p.m. companies should give you monthly results along with a residual check after expenses for each property.

If you follow the Ray Lucia model of each individual house being its own distinct LLC with its own TIN then you do need separate company files for each.

With having outside hired managements your mileage should be minimal