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.
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?
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