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ejaigner
January 15, 2018
Solved

Best way to set up multiple rental properties?

  • January 15, 2018
  • 1 reply
  • 90 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.

      BettyJaneB
      BettyJaneB
      Level 9
      September 26, 2019

      Does this not work in the Desktop version?  I only have three properties, all duplexes.  An I use Rentalutions for accepting my rents, and keeping track of my tenants, leases, payments, etc and they are attached to my bank accounts; so all I want to do is input the information of rents received per unit and fixes per unit and bills per building/property.  How do I set this up?  I just want a place to put in all my reciepts and have a nice simple ledger to send to my accountant every year.


      Thanks for joining us here, @Michelka.

       

      I'm here to help share some insights on how you can track rents and handle your tenants transactions in QuickBooks Desktop. 

       

      To record your transaction in QuickBooks Desktop, you'll need to enter it by property and process it manually. To do that, you'll need to set up the tenant's as jobs and categorize them afterward.

       

      Right after the setup, you can now receive payments and make a deposit. Below are the steps to follow.

       

      To receive payments by property:

      1. From the Customers menu, choose Receive Payments.
      2. From the Account drop-down, select the accounts receivable sub-account for the property.
      3. From the Customer:Job drop-down, select the tenant.
      4. Enter the amount of the payment.
      5. If you have multiple payments on a property (for example, for an apartment with several rental units), select Group with other undeposited funds.
      6. Select Next.
      7. Continue entering all the payments for the property.

      To make deposits in QuickBooks:

      1. From the Banking menu, select Make Deposits.
      2. In the Payments to Deposit window, select the payments to deposit, then select OK.
      3. In the Make Deposits window, select the Deposit To drop-down, then choose the checking sub-account for the property.
      4. Save the deposit.

      To give you the complete details of this process, please check out this link: Create a property management company.

       

      However, you also have the option to connect Rentalutions with QuickBooks Desktop to sync your transactions automatically. In doing that, you'll need to reach out to our Intuit Developer. This team is the best avenue to visit when it comes to apps integration in QuickBooks.

       

      This should get you moving today.

       

      I'm just a reply away should you have any other questions about this. I'm always up to provide further assistance. Thanks for coming and have a good one!

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