After working with thousands of landlords to teach them how to use QuickBooks for rental property management, we have a few suggestions for how to quickly get up to speed. These assume you have a copy of our training book along with QuickBooks. If you don’t want to purchase our training, signup for our free newsletter (at the bottom of this page). Mastering your bookkeeping quickly is more enjoyable that doing it slowly, so hopefully you invest in our 100% guaranteed education.
If you are a complete beginner to QuickBooks and accountingSince you’re new, here’s what we suggest: pick up our training program, skim (don’t read) through the book. Then open up the data file. Start in the reporting chapter and run some reports. Spend time “doing” even if you don’t totally understand it all. Take a step back, and watch the QB’s videos that come from Intuit. Having first seen the landlording specific company file will help all the videos “stick” better. From there, explore more in the company file, using the ebook as a guide. Create a “demo” company by copying the Template File you downloaded from us (or use the EasyStep interview if you have more time). Don’t expect it to become the real company file; it is just something you can play around with. Try entering last month’s transactions. Play with it a few hours over several days (so it will sink in) and then go for the real thing. Create a real company file for your company. Using our template company: copy that file you downloaded and rename it to your company’s name before you start. Start entering transactions. Make frequent backups, and don’t be afraid to ask for help in the forums. Also, here’s a perfect time to show your hard work to your accountant and get any suggestions or corrections up front, rather than waiting until tax time.
If you have accounting, but not QuickBooks experience
Included in QuickBooks are a series of introduction videos. These are a fairly quick way to understand the terminology that QB’s uses. Watch these and then open our sample company file. Skim the book for the example transactions of recording rent due, receiving rent payments, late fees/finance charges, making repairs, and buying/selling rental properties. Cross reference the transactions with the company file.
Then create a fake “demo” company for you to play with. You’ll always keep this even when you have your own company file. It is a useful tool to test out transactions where you don’t have to worry about messing with real data.
Lastly, start by trying to enter one of your properties recent investment property purchases, rehabs, and leasings. Transition that into your real company file.
If you have both accounting and QuickBooks experience
Start with the sample company file, creating reports to see how transactions were entered. Ask questions on the free landlording forum, or email us. Please feel free to share your tips.
Key for landlords is getting the correct chart of accounts, and knowing how to enter tenants, properties, repairs, capital improvements, rent due, and rent payments. You can master that in an hour with our training, and then start directly with your company file. Refer to the ebook for examples as you need them.
In all situations, consider these guidelines
Show your work with your accountant as you think you are getting set up. Feel free to show the training book with them. Get their feedback and approval, and we’d love it if you leave us sa comment too sharing your experience.
Importing our Sample Company Files
- Importing landlording sample transactions for Windows QuickBooks
- Importing landlording sample transactions for Mac QuickBooks
- Importing landlording sample transactions for QuickBooks Online