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ashleyscornerstone
Level 1

Best set up for running a property management company

It seems there are a lot of different ways to go to handle rental properties and property management in QB.  Many of the solutions I have found seem outdated and quickbooks has changed since then.  Anyone have a set up they love for a property management company new to quickbooks?  I'm mostly interested in the Chart of Accounts and best way for setting up the properties.  Right now, I'm thinking the properties are customers and the tenants are jobs.  I'm also wondering how you would include property owners in this set up. 

1 Comment 1
Jen_D
Moderator

Best set up for running a property management company

It's great to see you here, @ashleyscornerstone,

 

I can share a few insights about setting up a Property Management Company in QuickBooks. Rental and  property management requires different set up in the program, in terms of what accounts to use, or how to record the transactions.

 

Before anything else, we always recommend consulting an accountant for proper accounting advice. If you don't have an accountant, we can help find one near you.

 

To get started, check out this article where you can find the step-by-step process to manage properties in QuickBooks: Record transactions for a property management company

 

Please note that this guide is created for Windows version of QuickBooks, but the steps and accounting set up will work on Mac. You can convert the steps for the edition you're using, or use this guide for reference.

 

If you have additional questions about this, feel free to get back to me or mention my name. I'll be right here to help you anytime. Have a nice day!

 

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