Property Owner with a management company

jalexander3 · ‎February 13, 2020

I have 12 rental properties, and have hired 3 property management companies to manage them. There are three issues I have stumbled upon in this scenario:

1. How do I account for the activity that takes place in the management company's accounts? They are not only collecting rent, but paying bills and maintenance before ever depositing into my account. I need to account for all of that activity. What's the best way to do this?

2. These companies all hold about $400 as a buffer for minor maintenance. Those are my funds and should show up as my assets on a balance sheet. How do I account for that? By the same token, they hold all the rent deposits, which of course, are liabilities.

3. There are three separate management companies.

JasroV · ‎February 13, 2020

I appreciate the details you shared, @jalexander3.

You'll want to check the audit log of your QuickBooks Online (QBO) account to see the activities that take place in your account.

Here's how:

Go to the Gear icon.
Under Tools, select Audit Log.
Click the Filter drop-down arrow to and customize the search option to show the data you need.

Here's an article you can read to learn more about the Audit Log.

Also, I recommend consulting with your accountant in making those changes. This way, we ensure the accuracy of your books after making some changes. You can also ask them if you want more tips on how to better record it.

You might also want to check our Reports and accounting page to learn some tips and tricks on managing your accounts in QBO.

You can always get back to if you have other concerns, our door is always open whenever you need help. Have a great day!

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Property Owner with a management company

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