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Replying to:
LollyNino_C
QuickBooks Team

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Thanks for taking the time to post in the Community space. I’m here to share information about running a property management business in QuickBooks Desktop for Mac.

 

I've got some information on setting up your six-building rentals in QuickBooks Desktop. Thus, you'll be guided respectively. 

 

Since you've various buildings, I'd recommend creating separate Rental property company files for each of your rental buildings. This way, you can track and manage your data separately from each other. 

 

Although if you're a property manager, you provide service to property owners and the tenants of those properties. In such a case, you need to create and manage two company files:

 

  • Rental property company. You collect rent, pay bills, and manage the property for an owner.
  • Property management company. That is your own company where you receive income for managing properties.

 

Here's how to set up a Rental property company: 

 

  1. Set up tenants and vendors if you haven't already. 
  2. Add accounts and service items you use.
  3. Go to the Banking menu and click Make Deposits to record the security deposits. 
  4. In the Received From column ▼ dropdown, select the tenant.
  5. Select the security deposit account you set up in the From account ▼ dropdown. Enter the amount, then tap Save and close
  6. After that, record the rent income from each tenant, either invoice or sales receipts
  7. Record the expenses for each property, either bills or checks
  8. Then pay the property owners by writing a check

 

After creating a company file for a rental property company, you'll have to set up customer and vendor accounts for your tenants and vendors. 

 

  • Properties you manage. Customers
  • Tenants. Customer: jobs of properties
  • Owners of the properties. Vendors
  • Your own property management company. Your own property management company

 

If you haven’t already, here's how to set up the customers and vendors.

 

Once done, you'll have to set up accounts and items, which you use to track transactions.

 

Moreover, I'd suggest consulting an accountant to help you choose the most suitable accounts. If you don't have an accountant, we can help find one near you

 

If you need further assistance in managing your rental properties, please let me know here in the Community. I'm always here to help. Take care!

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