QuickBooks and Property Management

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Twelve property solution in QBO

I have a client who needed something as simple as possible for 12 homes owned by about 8 people. We set up the properties as Customers. We set up the owners as Vendors. For each property, we created a current liability account. For rents, repairs, and net rents paid to owners we set up Memorized Transactions that tied each of those current liability accounts for a property to the rents, repairs, and net rents transactions for that property and named them for the properties. Rent transactions included the current liability account and income account (management fee) for my client, the property manager. Rents are deposited, property manager keeps the commission by paying the owner the balance in the current liability account for the property. Repairs paid by the property manager are written against the current liability account for the property, too. Just periodically need to be sure the liability account is clearing.

Mark Madeley 52 days ago

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