In our training, we recommend you set your tenants up as Jobs in QuickBooks. Properties are Customers. If you have several tenants that pay separately, you can create multiple Jobs under one property (Customer), and then memorize independent invoices for each of them and ‘receive payments’ for each.
Following our recommendation, you gain these benefits:
- This gives you a significant organizational simplification within your QuickBooks company.
- Doing it this way makes for automatic, at-a-glance, rent-rolls. You can see vacant properties, overdue tenants, and everything in a “rent roll” at a glance. No report needed.
- It reminds you of a tenant’s location (which is hard when you have dozens of tenants, and you find yourself thinking of things in term of units/buildings rather than tenant names). You also can search by name or property within the list, as shown below.
In the example below (from our training company file with 12 months of sample real estate transactions) you can see three tenants that share a unit. None of the tenants owe any money, if they did the current amount due would appear in the Balance Total column.
If you have a large multiunit apartment building, you have the option of having the Customer as the property, Jobs as each unit, and Sub-Jobs as each tenant. Or, you can suffix (or prefix) each tenant (Job) with the unit they belong in, such as “Lee,Jake[A]”
Read the related article: How to convert a Tenant as a Customer into a Job in QuickBooks.