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Level 2

Using class for property management

I'm using QB desktop pro 2019 for property management. I'm trying to set it up with the properties as class and the customers as units, jobs as tenants. I can enter in all the information, but I can't figure out how to associate the property (class) with the units (customer). Nowhere in the customer section does it let you select class. Nor is there an option under editing preferences for class. Am I missing something? Or do you only link the two when performing transactions, like invoices for rent? Any help is greatly appreciated!
Solved
Best answer 07-29-2019

Accepted Solutions
QuickBooks Team

Re: Using class for property management

Thanks for joining back in this thread, @oregonaptsllc.

 

You're correct. You'll have to set them up in every transactions in your QuickBooks.

 

You have to manually fill out the Class fields so that they're tracked on the reports. The feature gives a customizable way to track your money in and outs. This lets you track account balances by department, business office or location, separate properties you own, or any other meaningful breakdown of your business. 

 

To elaborate more, you can refer to this blog published by Beverly Lang: How to Use Class Tracking in QuickBooks.

 

I'm also adding some reference links about reports for future help:

I'll take note of your product suggestions and prepare a feedback statement directly to our product developers.

 

Let me know if there's anything else I can do or you have other proposals. I'd be here to provide more help and share them on your behalf.

View solution in original post

5 Comments
QuickBooks Team

Re: Using class for property management

Hi @oregonaptsllc,

 

Let me help you out with your query about setting up a property management company.

 

You can enable class tracking so you'll have the option to associate classes with units.

 

Let me show you how:

  1. From the QuickBooks Edit menu, choose Preferences.
  2. Select the Accounting icon. Then select the Company Preferences tab.
  3. Select Use class tracking. Then select OK.
  4. If prompted, select Yes to save changes.

I also have a very detailed article on how you can set up a property management company. As a friendly reminder, it's always best to consult your accountant on how to create a property management company that will work for you.

 

Leave your questions in the comments below, if you have any. I'd be glad to get back to you.

Level 15

Re: Using class for property management

@oregonaptsllc 

 

Class is nothing more than a tag you add to a transaction, that tag allows QB to report on the class, nothing more than that.

 

set up the customer as the property address
then sub customer for unit

and sub customer for tenant

ie

1234 some street
>>unit 101

>> >> John Smith

>> unit 102

>> >> Fred kadiddlehoper

2345 another street

etc etc

 

Level 2

Re: Using class for property management

Hi Ryan_M, Thanks for your reply. I've already enabled class tracking. My question is in regards to linking the units (customer) and the property address (class). I can't find a way to do that in the program. The only thing I can think of is it's done with each transaction and not in the process of setting up the property information. Can you answer this aspect of my question? Thanks!
Level 2

Re: Using class for property management

Hi Rustler, Thanks for your response. From everything I've read, it's best to set up the properties as class so you can easily generate reports based on each property. Am I mistaken? I understand there are many ways to do property management in QB, but using class seemed to be the consensus on the best way to do it for reporting purposes. Thanks!
QuickBooks Team

Re: Using class for property management

Thanks for joining back in this thread, @oregonaptsllc.

 

You're correct. You'll have to set them up in every transactions in your QuickBooks.

 

You have to manually fill out the Class fields so that they're tracked on the reports. The feature gives a customizable way to track your money in and outs. This lets you track account balances by department, business office or location, separate properties you own, or any other meaningful breakdown of your business. 

 

To elaborate more, you can refer to this blog published by Beverly Lang: How to Use Class Tracking in QuickBooks.

 

I'm also adding some reference links about reports for future help:

I'll take note of your product suggestions and prepare a feedback statement directly to our product developers.

 

Let me know if there's anything else I can do or you have other proposals. I'd be here to provide more help and share them on your behalf.

View solution in original post

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