Condo self-management

jaykay · ‎March 16, 2019

We are a small condo association with 87 units and do our own property management. We have a great Excel spreadsheet for Payables, but owner data and Receivables are all done by hand. We want to install a simple to use database system to keep track of all owner information, including their monthly payments.

If you use QB for this purpose, I would love to talk to you.

Thank you.

Rustler · ‎March 17, 2019

The way I would do this in QB, I would use desktop it is more fully functional and I can see no reason you would have to be able to log in from somewhere else. (it is also cheaper, a non partisan comparison of QBO vs QB desktop
http://onsale-apparel.com/Rustler/qbo-or-qbdt
(cost comparisons are at the end of the article))

Create a customer for the address, then a sub customer for the unit, then a sub customer for the tenant
124 some street
>> unit 1
>> >> Mary Smit
<< unit 2

That allows you to change tenants when necessary, set the old one to inactive (and the records remain) and create a new one

Set up a class for each unit, that allows you to track expenses (and income) per unit and you can report on them.

View solution in original post

Malcolm Ziman · ‎March 17, 2019

@jaykay wrote:

We are a small condo association with 87 units and do our own property management. We have a great Excel spreadsheet for Payables, but owner data and Receivables are all done by hand. We want to install a simple to use database system to keep track of all owner information, including their monthly payments.

If you use QB for this purpose, I would love to talk to you.

Thank you.

QBO is cheaper if you need multiple users with remote access. It has many features that Desktop does not have, and visa versa.

One is the ability to set up recurring automatic monthly payments where the bookkeeping is automatically done. It is free for 7 day settlement and 1% for 1 day.

I would set up each unit as a "customer", and the tenant as a sub-customer.

I don't see the need for the Class feature - which is only available in the highest level version - as you can allocate expenses to customers, and run a P&L by customer, if needed.

View solution in original post

Rustler · ‎March 17, 2019

The way I would do this in QB, I would use desktop it is more fully functional and I can see no reason you would have to be able to log in from somewhere else. (it is also cheaper, a non partisan comparison of QBO vs QB desktop
http://onsale-apparel.com/Rustler/qbo-or-qbdt
(cost comparisons are at the end of the article))

Create a customer for the address, then a sub customer for the unit, then a sub customer for the tenant
124 some street
>> unit 1
>> >> Mary Smit
<< unit 2

That allows you to change tenants when necessary, set the old one to inactive (and the records remain) and create a new one

Set up a class for each unit, that allows you to track expenses (and income) per unit and you can report on them.

Malcolm Ziman · ‎March 17, 2019

@jaykay wrote:

We are a small condo association with 87 units and do our own property management. We have a great Excel spreadsheet for Payables, but owner data and Receivables are all done by hand. We want to install a simple to use database system to keep track of all owner information, including their monthly payments.

If you use QB for this purpose, I would love to talk to you.

Thank you.

QBO is cheaper if you need multiple users with remote access. It has many features that Desktop does not have, and visa versa.

One is the ability to set up recurring automatic monthly payments where the bookkeeping is automatically done. It is free for 7 day settlement and 1% for 1 day.

I would set up each unit as a "customer", and the tenant as a sub-customer.

I don't see the need for the Class feature - which is only available in the highest level version - as you can allocate expenses to customers, and run a P&L by customer, if needed.

DRC58-60 · ‎August 14, 2020

We just bought QB online and would like to set up Units maintenance fee receivables and associated late fees. It is a recurring monthly payment that we receive from unit owners

SashaMC · ‎August 17, 2020

Welcome to the Community, DRC58-60. I'd be glad to show you how to set up units maintenance fee receivables and late fees in QuickBooks Online. Let's start with the units maintenance fee receivables.

Go to the Gear icon and select Chart of Accounts.
Click the New option to create an account.
In the Account Type, select the appropriate account and add a name. You may fill out the additional information if needed.
Once completed, hit Save and Close.

When creating new accounts, we recommended double-checking with an accountant to ensure that the books are set up correctly. If you do not have an accountant, we provide a Pro-Advisor program. They offer a free consultation. Simply enter your zip code, and you can connect with an expert in your area.

Now, let's set up the late fees.

Sign in as the Master Administrator .
Go to the Gear Icon, then select Account and Settings.
From the Menu ☰, select Sales.
Choose Late fees. Check the box to turn on late fees. You will be allowed to choose the type of fees, whether it is a percent, flat fee, or both. Here is an example of how it would appear on the invoice.

To learn more about setting up different late fee rules for certain customers, what income account late fees are tied too and other frequently asked questions, this article is very handy.

Also, I have included information about creating recurring transactions for your edification.

Create recurring transactions in QuickBooks Online

You're always welcome if you ever need assistance again in the future.I'm always around to lend a hand. Thanks for dropping in, take care and enjoy your day.

Topics

Training

Community

Resources

Condo self-management