http://landlordaccounting.com/forum/discussions/feed.rss Sat, 19 May 12 15:09:43 -0400 Recent Discussions on Landlord Accounting QuickBooks for Property Management Forum en-CA http://landlordaccounting.com/forum/discussion/655/class-on-the-invoice-for-rent Sun, 15 Apr 2012 11:28:55 -0400 sakiko darr 655@/forum/discussions
thanks]]> http://landlordaccounting.com/forum/discussion/718/paying-insurance-on-multiple-complexes Wed, 16 May 2012 14:27:37 -0400 Sue Summers 718@/forum/discussions http://landlordaccounting.com/forum/discussion/717/class-for-rent-received Tue, 08 May 2012 13:17:21 -0400 JimB 717@/forum/discussions
"How does QuickBooks assign classes to the Accounts Receivable account? It uses the same class allocation you assigned to the items."

"There is no Class field in this window. What classes does QuickBooks use for this transaction? It uses the first transaction of the workflow (invoice)."

Classes are assigned when I invoice, but there is no class for Payments in the Customer Balance Detail report, so payments are excluded when I filter for class.

I have tried creating both a Bank, and Credit Card "Cash Drawer" account to use instead of the "Undeposited Funds" account so I could assign class by opening the respective register and entering the class in the "split" section. However, QuickBooks told me I needed to edit the payment transaction through the Customer Payment window, which doesn't have a place for class that I can find.

Is it possible to assign class to payments received? And if not, should I just filter reports by name, and how useful are classes if not all transactions can have a class assigned to them?]]> http://landlordaccounting.com/forum/discussion/422/security-deposit-forfeit Sat, 14 Feb 2009 21:35:25 -0500 Piotr 422@/forum/discussions If you do a credit memo, then the taxes due (since I collect tax on the properties) does not reflect the income from the property and actually shows a negative even if I do a JE from sec dep to sec dep forfeit (income).
Thank you.]]> http://landlordaccounting.com/forum/discussion/624/properties-managed-by-a-property-manager Sun, 02 Oct 2011 20:53:34 -0400 Cameron 624@/forum/discussions
How should I set it up for a property that I own, but where a property manager handles it for me? I receive a net check after his management fee and all maintenance and repairs are deducted.

I was starting as I normally do with properties I manage myself, but Im not sure how to account for the maintenance and management fee before accepting my net as rental income.

Cameron]]> http://landlordaccounting.com/forum/discussion/657/vendor-customer-same-transaction Mon, 23 Apr 2012 18:07:35 -0400 Mike Lindsay 657@/forum/discussions Ex-tenant paid 200, cut is 86, we receive and deposit 114.

The ex-tenant is a customer and the collection agency is a vendor. How do I record a payment of 200 from the customer and our payment fee to the collection agency of 86 so only 114 goes into undeposited funds?

Right now I receive the 200 partial invoice payment into undeposited funds. I include that 200 into our bank deposits (even though the actual amount was 114). Then I "write" a check to the collection agency with a check number of PROXY. The problem is the bank reconciliation statement shows the 114 deposit,not the 200 and it occasionally trips me up until I remember there is an extra payment to balance everything out. Anything easier?]]> http://landlordaccounting.com/forum/discussion/658/multiple-tenants-one-unit Tue, 24 Apr 2012 19:51:08 -0400 Bill B. 658@/forum/discussions http://landlordaccounting.com/forum/discussion/115/uk-quickbooks-compatibility-please-help Wed, 13 Jan 2010 09:22:42 -0500 Mark Jagdev 115@/forum/discussions
I am a newbie to this field so I have been trawling the net for good advice. Being from the UK I have found no quality websites within my country dealing with Landlord Accounting. This website is then potentially excellent but I have 2 questions regarding its US perspective...

Can someone tell me - what parts of the software are compatible with my UK version of Quickbooks Pro 2008?

And in your opinion how different is US Landlord Accounting(LA) compared to UK LA?

Cheers

Mark]]> http://landlordaccounting.com/forum/discussion/656/separate-car-ports-and-garages Thu, 19 Apr 2012 11:25:37 -0400 warren.propertymanager 656@/forum/discussions http://landlordaccounting.com/forum/discussion/654/rent-refund Sun, 15 Apr 2012 09:06:07 -0400 Susan Summers 654@/forum/discussions Thanks,
Sue]]> http://landlordaccounting.com/forum/discussion/653/v2-guide-pg-166 Sat, 14 Apr 2012 13:25:48 -0400 Anthony 653@/forum/discussions
Thanks,
Anthony]]> http://landlordaccounting.com/forum/discussion/652/tenants Fri, 13 Apr 2012 10:21:45 -0400 Angela 652@/forum/discussions When setting up a sub-lease in QB, would the person subletting be a job of the tenant, who is a job of the property

Property X (Customer)
Tenat A (Job)
Sub-Tenant B (Job)

Question 2: If the same person rents multiple units is there a way to attach the same "job" to multiple "Customers"

Thanks,
Angela]]> http://landlordaccounting.com/forum/discussion/651/recording-insurance-proceeds Tue, 10 Apr 2012 19:41:07 -0400 D 651@/forum/discussions
Example - Roof damage:

1) Receive $3000 initial payment from insurance company and deposit funds.
2) Pay contactor $2000 at start repair.
3) After work is completed, get remaining $2500 held by insurance company as recoverable depreciation and deposit funds.
4) Pay contractor $4500 final check.

Total insurance proceeds: $5500
Total payments to contractor: $6500

Thanks,
David]]> http://landlordaccounting.com/forum/discussion/650/general-excise-transient-accommodations-taxes Sat, 07 Apr 2012 15:38:14 -0400 Rex 650@/forum/discussions
Also, because we are a property management company, we need to pay the state taxes for some properties but other property owners would like to pay on their own. Is there a way to handle this?

Thanks for any help! Have a great weekend!

Rex]]> http://landlordaccounting.com/forum/discussion/601/managing-properties-for-others Sat, 23 Apr 2011 23:22:32 -0400 williamrd 601@/forum/discussions http://landlordaccounting.com/forum/discussion/649/credit-tenant-for-rent Sat, 31 Mar 2012 09:46:25 -0400 Mitch Dowler 649@/forum/discussions
Thanks,

Mitch Dowler]]> http://landlordaccounting.com/forum/discussion/478/security-deposits Wed, 14 Oct 2009 21:26:25 -0400 Lee 478@/forum/discussions
I've created all the accounts for my tenants. Now I am trying to receive payments from them but I take it I need to invoice them before I can receive payment. If this is the case, what is the item and account I need to be using for the secuirty deposit? Do I need to create XX items for the security deposits so I can receive payments?

I'm using QB Pro 2009...

Thanks!

-Lee]]> http://landlordaccounting.com/forum/discussion/715/jonathan-is-great Sun, 01 Apr 2012 18:09:48 -0400 info@menayas.com 715@/forum/discussions http://landlordaccounting.com/forum/discussion/176/re-clueless-but-hopeful Sat, 24 Mar 2012 14:31:31 -0400 Vikki 176@/forum/discussions http://landlordaccounting.com/forum/discussion/590/my-property-llcs-and-management-llc-how-to-enter Sat, 12 Mar 2011 13:35:21 -0500 Sara J 590@/forum/discussions I have gone through the book and all of the postings, but I wasn't able to find guidance on my particular situation. I am in the process of beginning to enter my info into QB and would like to start off on the right foot. Here's my question: I own 10 rental properties and have them in individual LLCs that are all sole member owned (ie, disregarded entites for tax purposes - all Sched E properties). For simplicity, I have formed a Management Company LLC (owned solely by me) that has a management agreement with each property LLC allowing it to collect rents/make repairs/etc. This makes it so that all of the tenants write checks to Management Company LLC and all expenses are paid by Management Company LLC rather than making seperate deposits into each property LLCs account every month and having seperate checking accounts for each property LLC to pay expenses. The plan would be for the Management Company to distribute all net profit to the Property LLCs a couple times a year.
What is the best way for me to enter this into QB using your template? Since the Mgt LLC doesn't own the Prop LLCs, I hesitate to make it the "Company", but maybe that is the best way. Any guidance is most appreciated!]]> http://landlordaccounting.com/forum/discussion/175/quickbooks Fri, 16 Mar 2012 16:32:23 -0400 JL 175@/forum/discussions
To produce the P&L that help prepare the 1065, Sch K-1 required for my LLC engaged in real estate, is Quickbooks Pro version needed, does other version work?

I'm using Excel spreadsheet now, can I upload the data into Quickbooks easily? What about the bank balance, fixed assets and depreciation? Do I start with current opening balance or go back to 5 years data if I want to see the past trend analysis?

How will your 1 year template help?

What other helpful analysis report can Quickbooks provide? Can I analyse the P&L, cashflow by each property over a period of time?

If I buy the quickbooks disc to install in 1 computer, can I re-install the software and the database to another computer when I change computers? Will the same code key work for a second installation etc? How to deal with data integrity and preservation?

Thanks,
JL]]> http://landlordaccounting.com/forum/discussion/174/new-to-qb Thu, 15 Mar 2012 08:23:14 -0400 Nicki 174@/forum/discussions
i've seen multiple suggestions for setting up in QB:

property as class (with "class tracking" turned on)
unit as sub-class
my Q is : how to set up tenants? under "jobs"?

another way to set up:

property as class
property (again) as customer
unit is job
and tenant is sub-job

i need properties and unit classification to be permanent. i need the tenant record to be active when tenant is living in the unit and inactive once the tenant moves out. i need to be able to see and use these "inactive" tenants (for landlord referral purposes and if i receive payments for delinquent balances *after* the tenant moved out).

which is the best way to set up?

THANKS in advance]]> http://landlordaccounting.com/forum/discussion/647/quickbooks-2012 Sat, 03 Mar 2012 08:25:23 -0500 Fred 647@/forum/discussions http://landlordaccounting.com/forum/discussion/648/matching-multiple-transactions-to-downloaded-statement- Mon, 12 Mar 2012 10:24:45 -0400 Wil 648@/forum/discussions
I love the product! Thanks so much.

I am still in the phase where my accountant is doing the "real" bookkeeping while I am entering everything in LandLord Accounting before turning it over to her. Unfortunately, I'm a little confused.

First let me say that I apologize for asking the following question again, but the previous answer from two years ago still left me confused.

I need help matching downloaded deposits to rents (entered into QB via "receive payments").

Here is what I have been doing up to this point:

Collecting rent:
- Invoice tenant (as "customer, job")
- record rent collected as "receive payments"

Downloading online bank data:
- Sign into my banking institution
- Select radio button for "download Quickbooks All Types"
- Match my checks and fees to the respective accounts in QB
- TRY to match my deposits to the payments received

The last step is the problem. I Physically deposit several rent checks at once at my bank. When i try to match the deposit amount with the existing "Receive Payment" transaction in QB, QB won't let me choose the several payments it takes to total the amount of the single physical deposit.

I feel as though, somewhere along the line I have to move these "receive Payment" transactions to a "Deposit" transaction before I download my online banking data (as a third step in my list of "collecting rent" above). This way I will have two amounts that match. One will be in QB (as the aggregate rents summed and recorded as a deposit) and one from the online bank download (the record of the actual rent checks summed and deposited at the bank in person).

The way it works out now, I end up having twice as much revenue recorded in QB because the multiple "Receive Payments" transactions and the aggregate physical deposit are listed separately.

Any help you can provide would be greatly appreciated..

Thank You,
Wil]]> http://landlordaccounting.com/forum/discussion/168/what-about-qb-2012 Thu, 17 Nov 2011 13:19:11 -0500 Anissio 168@/forum/discussions http://landlordaccounting.com/forum/discussion/173/members-log-in Mon, 05 Mar 2012 15:41:26 -0500 d miller 173@/forum/discussions Deb Miller]]> http://landlordaccounting.com/forum/discussion/172/landlord-accounting-version-1-01 Mon, 05 Mar 2012 15:31:37 -0500 d miller 172@/forum/discussions http://landlordaccounting.com/forum/discussion/643/escrow-costs-and-reimbursable-expenses Thu, 16 Feb 2012 15:59:14 -0500 Mavfinch 643@/forum/discussions
In section 3.30 you show how to enter reimbursable expenses with journal entries. Can you do this by writing a check? What is the advantage of doing it via journal entry versus writing a check?]]> http://landlordaccounting.com/forum/discussion/256/managing-property-for-others Tue, 09 Oct 2007 11:06:56 -0400 Hillary 256@/forum/discussions
I have tried just making deposits (instead of receiving pymts - as you suggest in the book for securiy deposits). How do I show the reserve money in the customer account? If I make a deposit to the bank account and receive a payment in the customer it shows up twice in the customer register.

I need an owner statement - showing the reserve balance and rents coming in (but not being offset by an invoice to the tenant). Can this be done on the same statement?

I'm confused. Any suggestions would be appreciated.

Thanks!]]> http://landlordaccounting.com/forum/discussion/714/excellent-guide Sat, 03 Mar 2012 20:42:58 -0500 Frank I 714@/forum/discussions