Sub Accounts

It depends if you want to have the rents reported separately, VerMed.

If the payments are already tracked in the parent account, then you no longer need to have it recorded under the sub-accounts. 

If you want to separately tracked payment for each addresses, then you can use the sub-account in tracking the rental payments. Doing this will have separate lines when running your Profit and Loss report. This way, it would be easier for you to break down your expenses for each property. 

Let me also share these articles to share more details about what you can do in your Chart of Accounts:

• Use Account Numbers In Your chart Of Accounts
• Delete An Account On Your Chart Of Accounts In QuickBooks Online
• Manage Default And Special Accounts In Your Chart Of Accounts

Keep us posted if you have other questions. The Community is always here to be your guide anytime you need help. 

It would be helpful if you reread my question: "The question I have is if I should also be recording the utility payments under separate sub accounts for the parent account Utilities"?"

I am looking for others perspectives considering the information I provided that leads to my ultimate question. If you don't want to put thought into the answer, please do not respond to my question or copy/paste links that are not helpful so we dont waste anyone's time. 

Thanks.