i've had quickbooks 2015 for a while to use as something to keep track of my payments and such to hand out to my accountant. i just recently downloaded the 2020 version of quickbooks for mac and am having some trouble with what im trying to do and though i've contacted quickbooks support many times, i haven't been able to get a clear solution.
my issue is that i'm trying to make a recurring invoice for all the tenants that owe me monthly rent but every time i try to create an invoice and charge their monthly rent, the balance comes out as negative and i'm unable to save the invoice with a negative balance. i am almost positive it is because i set up my properties as customers and my tenants as jobs and all my tenants have an open balance of 0.00. im not really sure what this open balance means im unsure of how to make every tenants invoices not to jump into the negatives. and without being able to make an invoice, i can't put in their payments of monthly rent that i have received to wash out the amount due. when i do try to create a monthly rent check i've gotten, i choose the option to deposit it into my bank in which it does deposit so my bank total goes up but then, also, in my chart of accounts, the accounts receivable amount goes up in negative balance.
i'm not necessarily using quickbooks to realistically charge my tenants, as i write personal letters to them and have hand written ledgers but i wanted to start using quickbooks to keep track of who is paying and who is not paying monthly so that i can possibly send them invoices of whatever is due for them. i don't actually charge them through quickbooks though because i just wanted to use quickbooks for my personal record usage. does any one know how to solve this issue for me??
You'll want to use class tracking, wandamendoza.
Class tracking lets you track your account balances by department, business office or location, separate properties. Or in your case, per tenant.
Learn more about class tracking: Set up and use class tracking
Since you want to track the payments, you can also create a sales receipt. This is used when you receive their payments right away. Here's how:
You can learn more about recording transactions here: Record transactions for a property management company.
We can create memorized transactions so you'll get a reminder every time you need to create an invoice/sales receipt.
If you want to set up an automatic schedule, make sure to fill in the How Often and Next Data fields.
Also, you can see your memorized transaction. Go to Lists and select Memorized Transaction List. For more information, please refer to this article: Create, edit, or delete memorized transactions.
I'm always here if you have additional questions.
Let me share additional information, @wandamendoza.
Determining what to put under the class list depends on the set up that works best for you and your business. You can use the location of your rental properties or the specific department such as Maintenance, Utilities, or Insurance as part of your class list.
On the other hand, you can use the following set up in tracking your rental property in QuickBooks:
Also, you can create a service item for the different rent frequency in QuickBooks - Daily, Weekly, Monthly, Quarterly, or Annually. Here's how to do set it up:
Once everything is set, this is how your invoice looks like:
You can use this article for more detailed instructions: Record transactions for a property management company.
Also, I'd recommend consulting with an accountant so you'd be guided accurately in setting up your account's workflow in tracking your rental property business.
Keep me posted if you have other questions. I'm always here to help.
thank you! following up, after setting the invoice ,every time i try to make an invoice for one of my tenants, no matter what amount i type in, for example "1800.00", in the invoice box, it automatically saves the amount to "-1800.00". i don't know why it automatically puts a negative sign, but all my tenants currently have an open balance of 0.00 because i do not know what that open balance is. does anyone have a solution to this?
I've read the whole thread, and I'd like to focus on your concern, which is having negative invoice amounts. Then, we'll also talk about correcting your records.
This situation can occur if the item you use is a Discount or a Payment type. These types will always show their amounts as negative on invoices and other sales transactions to reduce the total payable sale. With that effect, your Account Receivables will also reduce down to the negative level.
You can check the item type using these steps:
After checking the type, we'll correct your record, but please back up your company file first to keep a copy of the original data.
To start, you can edit the affected invoices by replacing the items with a Non-inventory type. A Service type will also do, but I'd suggest using it when you'll only be invoicing for services. You can do this process per customer to easily track their transactions.
Going forward, you can use the new item when invoicing for rentals.
As for the payment records (deposits), you can delete and recreate them. But this time, you'll want to go through each invoice and select the Receive Payment option. Then, deposit them via Make Deposits from the Banking menu. Please note that you'll want to keep the same dates and amounts on your deposits because we're only changing the way to record them. Then, similar to invoices, you can also do this per customer records.
Please feel free to go back to this thread if you have other questions on your invoice.
Thanks for getting back to this thread, @wandamendoza.
The answer to your concern depends if you put the payment in the Undeposited Funds. If you select this account when receiving the payment, then it will not create a duplicate when creating a bank deposit.
Also, this account holds the customer payments in QuickBooks until you deposit them at your real-life bank.
If you already select the correct bank account when receiving the payment, then you no longer need to create a deposit.
To learn more details about the Undeposited Funds account in QuickBooks, you can check out this article: How to put payments into the Undeposited Funds account in QuickBooks Desktop.
We'll be happy to help you again if you have more questions. Just click the reply button below and we'll get back to you.
I have a tenants who are often late on their rent. I would like to send them invoice reminders 12 days prior to the first of the month and I also would like to send them Sales receipts upon receipt of payment. Is it okay on QBO to send both invoices and sales receipts after that invoice has been paid or will this cause some sort of duplicate transaction as duplicated "income"? should I match the actual Deposit in the bank to the invoice or to the Sales receipt? or can it be matched to both? Thank you kindly for your help.
It's good to see you here in the QuickBooks Community, @Sibemol.
I'm here to help record invoices and invoice payments from your tenants in QuickBooks Online (QBO).
You can manually send invoice reminders to your tenants 12 days prior to the first of the month. Here's how:
Once your tenant paid the invoice, you can receive the payment using the Receive Payment feature instead of Sales receipts. Thus, this can double your income. Let me guide you how.
After receiving the payment, you can match the deposit to the payment from the Banking feeds. To do so, you can follow the steps below:
I'm adding this article to learn more about matching transactions in QBO: Match online bank transactions in QuickBooks Online.
Just in case you're ready to reconcile your bank account, you can check out this article for more guidance: Reconcile an account in QuickBooks Online.
Come back to this post if you have other concerns or follow-up questions about this. I'll be around to provide further assistance.