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Level 1

Property Tax expense tracking

Greetings!

My first question for the community...

Is it acceptable practice to record taxes (such as property tax payments that are part of a triple net lease) in the same GL account that I record the rent payment?  Or is it important that I track the tax and the rent separately?

Thanks,

G

1 Comment
Moderator

Property Tax expense tracking

Hello, gbarker.

 

If you wish to record your taxes together with the rent payment, you can create a sub-expense account instead of recording them separately. This way, you can generate a separate report for taxes and rent payments or you can have them combined.

 

To create a sub-account, here's how:

 

  1. Click the Gear icon ⚙ and choose Chart of Accounts.
  2. Select New to create a new account.
  3. In the Account Type ▼ drop-down menu choose an account type.
  4. Select the Detail Type that best fits types of transactions you want to track. Learn more about detail types.
  5. Give your new account a name. You can use the info under the detail type to add a name that fits.
  6. If you’re adding a sub-account, select Is sub-account and then enter the parent account. If you need help, learn more about parent accounts and subaccounts.
  7. Choose when you want to start tracking the money from the ▼ drop-down. Or learn more about opening balances:
    1. Select Today if the account you're tracking is brand new as of today. In the Account Balance field, enter the balance in the account as of today.
    2. If you started the account on another date, select Other. In the Select a date field, enter the date you want to start tracking money in the account in QuickBooks. In the Account Balance field, enter the balance of the account for the date you choose.
  8. Select Save and Close.

To know more about adding parent and sub-accounts in QuickBooks Online, check out the following article: Create sub-accounts in your chart of accounts in QuickBooks Online. This will provide you links on how to use account numbers as well as removing accounts you no longer use.

 

The Community and I are around the corner if you need additional assistance. Just a reply below. Have a good one.

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