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Join nowHello there, marcarr69. Welcome to the Community forum!
QuickBooks helps you manage multiple rental properties. You can track the income and expenses for each property using the Class feature.
Please know that the class and location tracking is only available in QuickBooks Online Plus and Advanced. To use it, turn this feature in the settings. Here's how:
Once the feature is activated, you can start setting up your classes. I encourage checking this article for complete steps and further instruction on how you can do it: Get started with class tracking in QuickBooks Online.
Then, you can generate the Profit & Loss By Class report to review the income and expenses by each property. If you want to modify the report or any QuickBooks reports, just use these articles as your guide:
Please let me know if you still need help as you go along with QuickBooks. Take care and stay safe!
Hi marcarr69,
Hope you’re doing great. I wanted to see how everything is going about tracking income and expense for properties. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!
So you are charging your tenants for taxes and insurance in addition to rent. That is easy enough to do. Your monthly memorized (recurring) invoices can have the three service items on them. Then it is a simple matter of recording a single payment against the invoice.
As far as keeping income and expense separate by the 5 parcels the best way is to use Class Tracking (if you are on Plus or Advanced - if not consider the upgrade to Plus) Reports for P&L By Class will give you the breakdowns needed for Schedule E columns as required
Alternately you can just track your properties as jobs, but you will want your customers set up as Property:Building:Unit:Tenant anyway
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