Multiple rental properties, one bank account

rmsestatesllc-gm · ‎April 17, 2022

Help! We never opened a separate bank accounts for each property that we own (4). We were able to track by Class for P&L and by Property for Balance Sheet. Problem is that we use bank account balance in QBO tracked as Class/Property labeled 'Operations' like an administrative account. When we run a balance sheet report Operations budget shows total funds and individual units show negative bank balances due to expenses tracked to that Class. Total column shows an accurate bank account balance. My CPA says he can use the balance sheet this way. Any ideas on how to fix???

rmsestatesllc-gm · ‎April 17, 2022

Correction....CPA CAN'T use balance sheet showing negative balances. I explained that there is only one bank account.

katherinejoyceO · ‎April 17, 2022

Hello there, @rmsestatesllc-gm.

Thanks for sharing detailed information on your concerns. I'm here to help you with your report.

You can run a balance sheet by class or location in QuickBooks and customize it to show data for a specific division.

Please note the following information below:

Classes are only linked to details.
Locations are linked to both headers and details.

You also want to filter both your balance sheet and profit and loss by location. It will save a location on a transaction linked to both the header and detail.

Here's how:

Go to Business overview and select Reports (Take me there).
Find and open the Balance Sheet., then select the Location from the Display columns.
Click Run report.

For more insights, check out this article: Run a balance sheet by class or location in QuickBooks Online.

Feel free to ask more if you have additional concerns on your reports, @rmsestatesllc-gm. Take care!

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Multiple rental properties, one bank account

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