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wilsonza
Level 1

Managing 40+ Rental Properties: New Quickbooks Online User

Decided to make the leap from Quickbooks 2016 to Quickbooks Online. Importing was a snap, but I quickly realized our current Chart of Accounts isn't going to work for QBO due to the limit of 250. 

 

We currently have:

 

Income

  • Rental Income
    • Property 1
    • Property 2
  • Late Fees
    • Property 1
    • Property 2

 

Property Expenses

  • Property 1
  • Interest
  • Maintenance
  • Materials
  • Utilities

 

That's served us well and made tax filing easy but with 40 properties, we're well over the 250 account limit. I see some information about using classes, but again the 40 properties puts us over that limit. 

 

I've seen some information around using sub-customers and am exploring that. Anyone found an ideal solution for managing 40+ properties? 

3 Comments 3
Adrian_A
Moderator

Managing 40+ Rental Properties: New Quickbooks Online User

Thanks for trying QuickBooks Online, wilsonza.

 

We can enter them as customers. For this, you'll be using one income and one expense account. Then, we can separate the properties by running the Profit and Loss by Customer report.

 

Here's how to add a customer:

 

  1. From the Sales tab, select Customers.
  2. Click the New customer button.
  3. Fill out the required fields.
  4. Click Save.

 

Once you're ready to run the report, you can check this article for the steps: Run a Profit and Loss report.

 

If you need further assistance, please let me know. I'll be here to help!

Fiat Lux - ASIA
Level 15

Managing 40+ Rental Properties: New Quickbooks Online User

@wilsonza 

Explore this rental app and integrate it with your QBO. You may find something usefull for your curent situation.

https://uplisting.grsm.io/uplisting

 

Hope it helps.

john-pero
Community Champion

Managing 40+ Rental Properties: New Quickbooks Online User

@wilsonza I am surprised that @Adrian_A did not try to sell you on QB Advanced, which has unlimited Class tracking. Yes, Plus tops out at 40 and if you never went over 40 you could use Plus. 

 

BTW, you should never, in my opinion, create separate income/expense accounts by property or customer, for that matter. Whether it is a report by Customer, or Class, one set of chart of accounts limited mostly to the lines on the form(s) you submit to the IRS is sufficient

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