Thank you for posting here in the Community, @joe118.
You can use the Class Tracking feature in QuickBooks Online (QBO). This way, you can track each property as a Class and pull up Profit & Loss By Class all the time. Also, you have the option to assign expenses to a specific class/property. That way you have the visibility for both income by each property and the expenses that you're incurring for the properties.
This will be your Customer hierarchy for any QuickBooks for rentals:
Customer is the property
Customer: Customer is the actual apartment
Customer: Customer: Customer is the tenant
Plus, you can have additional levels if you have more than one building on a property or different portfolios (owners managed for) total of 5 inclusive levels.
First off, you'll need to create a beginning invoice for each tenant and memorize it. To get it in their hands via snail mail in a timely fashion. You can post it 10 days before the due date, normally the 1st of the month.
Then, require security deposits as paid on Sales Receipt rather than the first invoice. Also, avoid having the child customers bill with the parent, it might prohibit producing a statement for the tenant alone.
For more details, check out this article link: Set up Rental property in QuickBooks Online.
Moreover, here is the What's new in QuickBooks Online-May 2020: Introducing new features such as Dashboard Cash Flow widget, new online Bill Pay experience, more Custom fields, and many more! To keep you updated about the latest software features, you can visit our QuickBooks blog.
If you have further questions, please feel free to visit the Community again. Have a great day!
