cancel
Showing results for 
Search instead for 
Did you mean: 
Joe Volcano
Level 1

Using Classes for multiple rental properties

I've been running a single QuickBooks file for my LLC which has one rental property. I recently purchased a second rental property under the same LLC. I would like to start tracking transactions for each property under the LLC using classes. One class for one address and a second class for the other address. I have added classes and set up each property however. Now all my previous transactions show up as unclassified. Is there an easy way to automatically set all previous enter transactions to a default class given a certain date. Or a way to mass edit multiple transactions and set their class in one step? Can I avoid going back and editing each transaction? This would be a lot of work I'd like to avoid. Are there other solutions?

3 Comments 3
JessT
Moderator

Using Classes for multiple rental properties

Hi Joe Volcano,

 

I know it's much easier and a time-saver to classify transactions in batches. I'll share information about this.

 

You will need an accountant who has a QuickBooks Desktop accountant to reclassify your transactions in batches. The non-accountant version doesn't have this option, but a user can open each transaction to assign a class. You may find a Poradvisor near you.

 

Next time, you can back up your company file before making changes in your settings because QuickBooks doesn’t have a feature to restore data at a certain point.

 

Let me know if you have other questions in mind. Have a good day ahead!

Joe Volcano
Level 1

Using Classes for multiple rental properties

I can't find that version of the software for sale anywhere. I can only find quickbooks desktop pro. 

JonpriL
Moderator

Using Classes for multiple rental properties

Hello @Joe Volcano,

 

QuickBooks Desktop Accountant version can be bought directly from our sales team and you'll have to contact them for a license. As mentioned by my colleague above, it is recommended to contact your accountant so they can reclassify your transaction in batch.

 

On top of that, I've also included this reference helpful with the steps needed to identify how stable is your business's financial status: Create and Manage Reports in QuickBooks Desktop.

 

You can always leave a comment below if you have follow-up questions with this or start a new thread if you have any other concerns. I'll be here to lend a hand. Stay safe!

Need to get in touch?

Contact us