What is the best way to setup simple start for rental property?

Hello,

Another reason @john-pero is correct about not using SimpleStart.  By using QBO Plus, you can assign expenses to specific class(property).  That way you can see not only the income by each property, but also the expenses that you're incurring for each property.

I have the same question - on how to break out expenses by unit.  If you found an answer please share. thanks!

You are correct that ecpenses have to be allocated on properties. Each property is reported as its own Schedule E column. Only full time real estate professionals as defined by tax law can combine all properties into a single P&L. To "attach" expenses to properties without using class tracking you can make each property to be your top level customer, with the units as sub customers and the tenants as the lowest rung. For this to work best you  use billable expenses and Mark the expenses as billable to the specific property. 

You have to follow up with invoicing your property customer and then internally receiving payment from your property as customer (into a clearing account)

Hello,

I have multiples rental buildings. 

Instead of this:

Customer is the property

Customer:Customer is the actual apartment

Customer:Customer:Customer is the tenant

Can I do something like this:

Customer is the property

Customer:Customer  is the tenant

Hey there, Peter5.

Thanks for posting your question here in the Community. I'd like to provide some additional insight on setting up properties in QuickBooks Online.

Yes, setting up a property as a customer and each tenant as a sub-customer would work. I'd make sure the reporting would work for what you need when using this scenario. This article will give you some helpful pointers on customizing reports: https://quickbooks.intuit.com/community/Getting-started-with-QuickBooks/How-to-Customize-Financial-R....

I'd also double check with your accountant to make sure this arrangement would work for your business setup.

Keep up the great work and let me know if you have any other questions. Take care.

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@john-pero wrote:

 For this to work best you  use billable expenses and Mark the expenses as billable to the specific property. 

 

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No it's not Billable. Just fill in the "customer" (property). Don't mark as Billable.

Then run P&L by Customer, which you can't collapse to just top level.  That's why it's better to use Class (Plus only)

Already answered, but for very old Quickbooks 2008 I use this method...

Set-up like this....

Make a new CUSTOMER & CLASS = YOUR PROPERTY NAME

Create a new JOB = EACH New TENANCY 

HMO ROOM = Sub class of PROPERTY NAME CLASS you have created.

Your tenants are JOBS or PROJECTS they are NOT customers.

Your CUSTOMER should be a property you are the owner of.

im using Quickbooks 2008 enterprise - my reports are exquisitely detailed and easily drilled down.

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So I set up all my properties under property but I am not able to assign multiple properties to one transaction.  Do I have to set up classes instead?

Greetings @albirk83, it is a pleasure to have you here in the Community forum. I would like to extend my sincerest gratitude for your participation in this thread. Allow me to assist you in sharing valuable information on how to effectively manage your rental properties and transactions in QuickBooks. 

Assigning a transaction to multiple properties is currently unavailable, as it requires creating separate transactions and assigning each one to a single property. In your scenario, setting up classes can help you easily track and map your properties. This approach will facilitate efficient management of your assets and ensure transparency in your financial records.

To turn on class tracking, here's how:

1. Click the Gear icon.
2. Select Account and Settings.
3. In the navigational bar, click Advanced.
4. Select Categories.
5. Check off Track classes to turn on class tracking.
6. Click Save and then Done.

Here's how to set up classes:

1. Click the Gear icon and All Lists.
2. Select Classes. ( You can also add locations by selecting Locations.)
3. Click the New button.
4. Add the name of the class or location and click Save.

You may also follow the setup shared by Cosyflatsandhouses above for creating property names and assigning classes. These instructions will enable you to accurately and efficiently organize your properties.

To keep track and manage your classes in QuickBooks Online, check out these articles:

• Get started with class tracking in QuickBooks Online
• Create and manage classes in QuickBooks Online

Furthermore, I have included some informative articles that can assist you in effectively managing your classes and handling reports within QBO:

• Run reports in QuickBooks Online
• Run reports by class in QuickBooks Online

Should you require further assistance about your rental properties and class tracking in QBO, please do not hesitate to leave a comment below. I am always available to provide any additional support you may need. Thank you for your visit and have a pleasant day.