I'd like to have IRS Schedule E form as the type of expenses, but I'm not sure what is the Account Type and the Detail Type I should utilize.The ability to keep an eye on the finances is crucial to the success of any business, is it not? The same principle extends to real estate and rental properties, where rental accounting is rendered important on account of the need to maintain top-notch records of all financials for tax purposes, future investments, etc.Īnd, while rental property management could get complicated it’s essentially a full-time job. But I'm not sure how to go about creating a proper Chart of Accounts. My current plan is to define a class per rental property, and assign my tenants as customers (when they pay rent). I think I got a good grasp of how to manage our businesses, but the rentals are giving me a harder time. I'm planning to differentiate between the three using the locations feature on QB. Generally speaking: my household got multiple businesses - I got a real estate transactions income, the wife got interior design income, and both of us got rental properties. Everyone were recommending Quickbooks Plus so I opened an account.įrom past experience, I know that it's better to set it up properly from the get-go instead of doing OJT, hence this thread. Long story short: I'm tired of trying (and failing) to control my accounting using google spreadsheets, I tried using Stessa last year but they were not reliable, and with my recent TX real estate license I figured I should just get my entire accounting in order and use a proper tool. This website and the users here are often the best resource in the industry so I figured I should ask (and if you have a link to a recent thread here that already covered the topic - please share). I've searched both here, on google and youtube - but I'm seeing so many different takes and just getting more and more confused.
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