Hello,
I haven't worked in QuickBooks in a while, and my brain is completely frozen on this. I need to track several rental properties by income and expense, but I have no idea how to classify or account for each property in order for it to show on it's own P&L. How do you get an expense to tie in with an income item? Is my only recourse to assign classes for each property and then run a P&L by class?
Thanks, Jennifer
That's the correct way to do it! N Owen
First you ask a question and then answer it yourself. Next time use a mirror instead of a newgroup and save us valuable time.
Oh, great Guru LaPort:
#1 - Ain't nobody forcing you to read/respond and use your "Valuable time" #2 - Sometimes it's helpful to confirm a concept with others, as Owen realizes #3 - Your comment is REALLY inappropriate, and should have been given to a mirror instead of a newgroup, saving us valuable time.
Tony
Oh, great Guru LaPort:
#1 - Ain't nobody forcing you to read/respond and use your "Valuable time" #2 - Sometimes it's helpful to confirm a concept with others, as Owen realizes #3 - Your comment is REALLY inappropriate, and should have been given to a mirror instead of a newgroup, saving us valuable time.
Tony
Tony,
KMA
I do this using customers>jobs. As we are a building contractor, I use the contractor edition, and it works fine for this. P&Ls can be done by job.
I use classes for something else.
I have not tried the "standard" QB version, so I don't know how it might differ on this.
GC
nobody asked, but I agree with Tony.
"Gil Faver" > #2 - Sometimes it's helpful to confirm a concept with others, as Owen
Then you agree with a moron.
I agree--you can set up each rental property as a customer (with the tenants as a job). When you have expenses for the property (repairs or maintance) you assign them to that customer/job. Then you can use the job profitability reports to see the P&L for each rental property (ie customer/job). That seems to be the method most widely recommended. Although classes will work.
Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business
Doth the crime speak loudly in accusation?
GC
By the nines, you may be onto something.
I agree--you can set up each rental property as a customer (with the tenants as a job). When you have expenses for the property (repairs or maintance) you assign them to that customer/job. Then you can use the job profitability reports to see the P&L for each rental property (ie customer/job). That seems to be the method most widely recommended. Although classes will work.
Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business
Is it more advisable to show your profit center as a property or as a tenant?
I can see it both ways if I try, but I would prefer the property approach because the profit from a tenant view would be skewed if it included vacancy time, before or after. Still, it may be nice to know that you lost your shirt on someone who required a lot of attention. Or, from a property view, would classes work to separate tenants?
If you set up the property as the customer, you can see the profitability by job (tenant) or in total. Try it in a sample file to see how it works.
Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting: The Complete Guide to Starting and Growing a QuickBooks Consulting Business
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