I am a new bookkeeper and recently took over doing the books for my brother-in-law's property management company. He has 20 properties he manages. I am struggling with finding the best way to record rent payments, owner distributions, and management fees. What is the best/most efficient way to do this? I am finding when I receive the payments, they don't show up on as an income for the properties on the reports. Only expenses show up. What am I doing wrong?
I have set up 2 accounts - one for the property management business itself and the other to solely record the management income. Is there a way to combine them into one account or should I stick with 2? I do have classes set up on the main account.
Thank you!
