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ejaigner
January 15, 2018
Solved

Best way to set up multiple rental properties?

  • January 15, 2018
  • 1 reply
  • 88 views

I have a client with a regular service business, but he also has 6-8 individual rental properties.  I think we will set up separate LLCs for each property.  What is best way to hande in QB Online?  I have not dealt with rentals before.  Should each property be set up as a separate company with it's own asset (the rental), income, and expenses to get an income statement for each?  Or is there a way to set them up in one company in QB.  Is Online the right product to use?  I can't find anywhere online, but I think QBO charges per company setup, so having 8 different companies could get expensive.  Thanks.

    Best answer by Rustler

    @ejaigner

     

    The prevaling rhetoric on the net is one LLC per property, which per the IRS means one accounting file for each, so yes in QBO that is one subscription per company.  You can get by with essentials if it is one property per llc.

    desktop is one purchase price and as many companies as you wish (as your hard drive will hold).

    He needs to consult with a couple of business lawyers as to whether or not multiple llc's is the way to go.

    If all the rentals are kept in one company, then QBO Plus is needed, only one subscription though.

    a single subscription to QBO is 3-4 times as expensive as desktop over the 3 year support life of desktop, see this comparison, the cost is toward the bottom of the article.  a non partisan comparison of QBO vs QB desktop
    http://onsale-apparel.com/Rustler/qbo-or-qbdt

    1 reply

    Rustler
    RustlerAnswer
    Level 15
    January 15, 2018

    @ejaigner

     

    The prevaling rhetoric on the net is one LLC per property, which per the IRS means one accounting file for each, so yes in QBO that is one subscription per company.  You can get by with essentials if it is one property per llc.

    desktop is one purchase price and as many companies as you wish (as your hard drive will hold).

    He needs to consult with a couple of business lawyers as to whether or not multiple llc's is the way to go.

    If all the rentals are kept in one company, then QBO Plus is needed, only one subscription though.

    a single subscription to QBO is 3-4 times as expensive as desktop over the 3 year support life of desktop, see this comparison, the cost is toward the bottom of the article.  a non partisan comparison of QBO vs QB desktop
    http://onsale-apparel.com/Rustler/qbo-or-qbdt

      T
      TheDoctor165
      May 9, 2019

      I am also interested in this topic; however, I am more interested in the finer details.  I have one LLC with one property but 4 units in each.  I am at the company setup dialog for Desktop Premier 2019 (I know, I don't need Premier - but that goes off the topic.... lets just suffice it to say that is what I have).  Do I add the rental units as products, services, or leave the products and services empty?  I have a property manager that collects the rents and forwards them to me itemizing the collections in an income spreadsheet, itemizing the rents received from each unit.  I am just not sure how to setup the company file most efficiently.

      Kristine Mae
      Kristine MaeModerator
      Moderator
      September 17, 2019

      Is there a definitive discussion, or white paper or tutorial on how to use CLASS most effectvely in QB.

      It in increasingly obvious that QBO is simply Intuit's attempt to compete with QUICKEN, (which works fine) and is not truly meant to replace the very good functionality of the DESKTOP.

      Way to go Intuit. . . claim they are equal but leave out fuctionaliity.


      I can provide information about the class tracking feature in QuickBooks Online, TN-landlord.

       

      This feature helps you track income, expenses, and profitability by segments. 

       

      Using this feature helps you organize your customer and vendor transactions by class. You can also run reports by class to check the sales and expenses. Then, you can also create a budget for each class. This lets you plan and set goal for each segment in your company. I've got the article for more information. 

       

      If there's anything else you need, please let us know. We'd be happy to help you. 

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