QuickBooks Online For A Rental Property Management Company

[@worldwidequickbooks]

Welcome all real estate and property management companies!! This QuickBooks Online for landlord’s special course tutorial is a gift to all real estate property management companied who are suffering from rental property management software issues. The accounting methods shown here will give you the ability to use QuickBooks Online to keep all financial records of the operations of a property management company. I hope you will click “like” and ‘Subscribe”

[@nahin46]

Excellent, really excellent. No tutorial will be needed after watching this. Video Published on 13 Sep 2020, I'm watching on 13 Sep 2022.🤗

[@worldwidequickbooks]

Fantastic! I am very glad you like ti and it is helpng you. The main channel page has everything you need of any other quickbooks topic. I hope you will remember to click "like" after watching each one and subscribe. -Mark

[@wendyxie1752]

Excellent video! I have the following questions: 1. Regarding the Property management fees: Can we use the invoice to put all the fees that the PM company charged? Some landlords request extra services. 2. You suggest using invoices to remove the billable expenses from "Unbilled Charges" and "Property Owner Remittance". But all the invoices need to make a payment. How to record that?

[@IAmDiegoHodge]

Thank you so much for these amazing videos. From Jan - Oct 2023 I have used your videos for the Desktop Version. After I reconciled the desktop for 10/31/2023 I converted to the QBO and now my reports giving different results when I compare to this PM online video. What adjustment do you recommend?

[@worldwidequickbooks]

Thank youso much!! First let me say that there is a complete playlist for management service companies if you click in the top-right corner of this video. That's the method to use. However, this method will not work with QBO becuase it does not have 2 vital features that the desktop version has. The QBO sales staff will always try to convince people to change to QBO because they make more money but ity's not as good as desktop for management service companies. I suggets you change back. -Mark

[@IAmDiegoHodge]

Thank you so much. I switched back immediately.

[@worldwidequickbooks]

And thank you sir, I'm here to help if I can. I hope you will click "like" after each one to support the free channel for everyone and please subscribe. -Mark

[@KarinaKirk]

Hello! I might be on a newer version of QBO (2023), so I'm not sure how to set up Owners/Landlords and Tenants. You mention to set up Owners as "Customers" and Tenants as "Jobs". My version of QBO doesn't have "Jobs", but there is a "Sub-Customer" option that might work? Another option would be to set up Owners as "Clients/Vendors", and then the Tenants as "Customers". This would help with separating Reports a little better. Which method would you recommend?

[@worldwidequickbooks]

Thank you for asking, If you are the landlord, tyhen this video is all you need. Please watch a little each day and when you finish, you will see how everything works perfectly if you just trust the video and the method. kzbin.info/www/bejne/roC1ZpRspa5goc0 Please confirm and stay in touch. -Mark

[@danieljessen8009]

I love your reporting details! With regards to the expenses, at no point is there any use of automation. That I think would be a considerable value add.

[@worldwidequickbooks]

Thank you but I do have a video about automatic entering transactions It's part of the landlord's playlist and not the property management playlist but it shows how you can make transactions get recorded automatically at specific time intervals. It only works if the transactions happen at the same frequency and in the same amount over a.of time. So that will help automate expenses and if you want to safe time even though you can automate expenses? Comma you should still use the bank feeds and importing transactions feature and I could send you that link as well if your interested in either videos or either playlists Now make sure you click in the top right corner of this video to get the full management service playlist and watch it and proper order so that you understand everything in the proper context and it will give you everything you need Mark

[@danieljessen8009]

@@worldwidequickbooks Oh sweet nvm then! Comment recanted

[@nordi_ch]

Great video, thanks for the detailed education! Quick question: How do you keep track of the payments to the Landlords for 1099's? In order to have QBO do it for you, you would have to setup the Landlords as Vendors and not as Clients. Any suggestions? Thanks!

[@nordi_ch]

Just following up: Do you have a solution/suggestion on how to solve the 1099 reporting task? Thanks!

[@danieljessen8009]

What is your opinion on the use of Class for rental property managers?

[@worldwidequickbooks]

Thank you for asking but the whole playlist that this video goes with shows exactly how to use quick books. Desk. top if you give service to landlords. I can't really give an opinion about using a different method because I don't think any other method works appropriately for the things that management companies need to. Keep track of when giving service to landboards regarding their tenants. Mark

[@monifataylor.realestate]

Thanks so much for your wonderfully detailed videos. They have been very helpful for a new QBO user like me. Your method seems a little different than the Balance Sheet approach that uses a trust account. Your way seems to allow a more detailed report for the client which I like. Two questions... 1-Is the reason you left the Product/Service section of the invoice blank because it automatically records based on the billable expense you add to it? If not, how does this show up? 2-Would it be possible to deposit the entire amount of the rent and make our management fee a billable expense?

[@worldwidequickbooks]

Thank you so much Monifa! I'm glad to help. I assume your questions is about the Property management video because you left your Question in the comments of "shared utilities". If you are talking about a management company that is deducting, from the client's (property owner's) payout the expenses that the tenant costs them, then yes, those invoices should only have the billable expenses that were marked as billable when you paid. That's the onl;y reason for those invoices. They do not get sent out they just have the billables added to them and then the method will work. I hope you will "like" after each one and I hope you subscribe. -Mark

[@hisgraceproperties5314]

hello - when I mark an expense billable I get an Error "an account you chose for a billable expense doesn't have an income account associated with it. That I must make the association before I can save the transaction". I don't understand why this is coming up and it didn't in your video. Any advice:

[@worldwidequickbooks]

Thank you. I'm not exactly sure what the issue is. But this is a specific video exactly about the subject in quick books that you're asking about kzbin.info/www/bejne/jYK2hJ-ebsh_o6c If you watch it patiently you might see the thing that you're missing I'm here if you have any other. Follow up questions and I hope it helps you Mark

[@lukesoutdooradventure]

which quick book plan do you use for this type of accounting?

[@worldwidequickbooks]

If you are a landlord keeping your own records, it doesn't matter if you're using quickbooks, online or quickbooks. Desktop but quick booksteps top is a little more convenient however, If you are a property management service company that gives services to landlords that you must use quickbooks. Desktop and please tell me I will send you the proper playlist That playlist will work for you beautifully Please let me know when I'll send you the appropriate links Mark

[@lisamissick9727]

Hello, Thank you for a detail video. just one question- How do i close the open invoices? your response is appreciated.

[@worldwidequickbooks]

Thank you Lisa, You don't really need to do that if you are a property manager but if you want to have a clean "open invoice" report, you would "apply" all the payments you receivd to all the invocies you created. You do this by opening the "receive payment" window and then choose the proper customer and you will see all open invocies and all unaplied payment. Just check all invoices to apply all past payments to the invocies and that will clean up your open invocie report. -Mark

[@lisamissick9727]

@@worldwidequickbooks thank you

[@virgiliojulian]

where did billable expense income of 1,450.00 came from? is it the result of billable expenses deducted from the net proceeds due the landlord? thank you

[@worldwidequickbooks]

Thank you but I do not have. This set of playlist memorized and they're numbers memorized as well.. I suggest you click in the top right corner of the video to get the link to the full playlist that you can watch in proper order for better understanding Please confirm that you found the link or I Can send it to you Mark

[@csoutsource]

Question - Why would we list "Payable To Landlords Clients" as A/R when we owe the money to the landlord? I thought this would be under the A/P.

[@worldwidequickbooks]

In order to get to clearest explanation of that, You would need to watch the full playlist to see how the method fits together. If you double click in bike corner of this video you will get the link to the full management service playlist that you need to watch and proper order for best understanding.then everything will be clear You would need to watch the full playlist to see how the method fits together. If you double-click in bike corner of this video you will get the link to the full management service playlist that you need to watch and proper order for best understanding.then everything will be clear. This method will work perfectly if you follow step-by-step and you will see. It's better for management service companies than any other software if you just cooperate along. Stay in touch and leave me questions as needed Mark

[@csoutsource]

Which video should I start with? I have started from the beginning but some of these are in the perspective of the landlord@@worldwidequickbooks

[@virgiliojulian]

what is the "standard report" name of "unbilled charges" report? thank you🙂

[@worldwidequickbooks]

There is a video that explains that as part of this playlist.if you click in the top right corner of this video you'll get the link to. The full property management playlist that you can watch and proper order for better understanding.One of those videos will show you about the unbuilt charges report and how this fits into the whole picture. Please confirm you have the link and please let me know Mark

[@neveragaincustomer1469]

For some reason, my QBO doesn't have a "billable" box on the expense screen. How do I add one?

[@worldwidequickbooks]

Thank you for asking. You must 1st make sure that you have the plus version of quick books online and you must make sure you activate the billables and the track expenses by job or customer in the account settings window If you click in the top right corner of the video, you will get the full playlist and if you watch it in proper order you will see at the beginning it shows you how to adjust the account settings so you can get everything you need Please follow up and confirm that you are okay and that you found what you need Mark

[@HandsOnRealEstate]

Can you create a series on setting up and book keeping for a rental business ?

[@worldwidequickbooks]

Yes..................... kzbin.info/www/bejne/eWjSm36GjdqUfZY Nuff said!!

[@jenniferyeager6842]

Hi Mark, I am just setting up my QBO for my short term rentals. Once I "write check" for each property (tenant) - how will all of my open invoices close? I understand how to get the correct amount - I just am not sure what will happen to those open invoices for that landlord for each property. Am I missing a step?

[@worldwidequickbooks]

Thank you if you click the top right of any video you will get a choice to click the entire playlist and your question will be answered if you watch the videos in succession You can also get the link to the entire playlist if you look in the description after the first or second paragraph You see you need the whole playlist that you have to watch the videos in order to get the idea of how things unfold properly in order to use this method and make everything work Please let me know if you were able to find the link to the whole playlist and after you watch the videos we will be speaking the same language and I will be better able to answer your questions Mark

[@meganfisher8453]

Why does the rental income show up as unapplied cash payment income when I do this?

[@worldwidequickbooks]

Thank you but in order to understand how this method works for rental property management companies., you need to see the full playlist and wash it in proper order. If you click on the top right corner of this video you'll get the link to the full playlist and if you watch it in proper order you will understand everything but you have To Do it exactly the way. The playlist shows and you can't make up your own method to go along with it. It will work and it will work beautifully just follow the steps and then after you've done everything in order everything will be clear. Mark.

[@lisamissick9727]

how do i pay the landloards the money collected for them as a property manager and clear their customer account

[@worldwidequickbooks]

Thank you Lisa, The updated methods of how management SERVICE companies should use QuickBooks is in a full playlist. You must wacth them in proper order to see how everything fist together for a property manegemnt company. Right now, I only have that playlist for DESKTOP but the methods will work with QUickBooks Online... kzbin.info/www/bejne/qZXXYWVmh6dqoac I hope you will clcik "like" after each one and subscribe. -Mark

[@sophiestorontolife6566]

It is very helpful. Thank you

[@worldwidequickbooks]

I'm glad it helped you and if you click in the top right corner of the video you will get the link to the full playlist. If you watch the full playlist in proper order you will have everything you need. I hope you will click like after watching each one and subscribe Mark

[@sophiestorontolife6566]

@@worldwidequickbooks yes, I have subscribed. I work in a rental property management company

[@virgiliojulian]

1) Why does the Billable expenses (cleaning expense for $250.00; Legal fees for $900.00; and Repair Expense for $300.000) still in the record of hogy the jody management despite the whole amount of $1,450.00 was deducted from the pay-out? 2) Why does the management consider $1,450.00 as part of their income (Billable expense Income)? 3) Is it proper accounting practice to treat the Billable expenses (cleaning expense; legal fee and repair expense) part of the company's expense and the Billable expense (billable expense income) part of their income? Thank you🙂

[@worldwidequickbooks]

Thank you Virgillio, Any expense marked as "billable" can be recorded in 2 posssible ways whne the expense is billed to the customer: 1) As an increase in income 2) As a reduction of the original expense You can change the option in the "preferences window" to go from 1 to the other. It depends on what your company and company type need. -Mark

[@HandsOnRealEstate]

if i am a land lord and have my own rentals AND have a side management business... can i use one set of Quickbooks for that ?

[@worldwidequickbooks]

You must have a separate QBO account for the property management and one for yourself as a landlord. That's 2 separate entitities so you need 2 separate accounts. I hope you will click "like" and subscribe -Mark

[@jodyehlert]

So how about if you are required to apply GST to your management fee?

[@worldwidequickbooks]

Yes I would be happy to tell you that if I actually ever heard the abreveation "G.S.T." Before.

[@jodyehlert]

@@worldwidequickbooks that would be goods and service tax.

[@worldwidequickbooks]

@@jodyehlert I will be making a sales tax video for rental property management company some time at the start of February. I am working feverishly to finish the videos that people are asking about. In the mean time, I think I can explain what to do: 1) Add the sales tax to what you charge the landlord tenant for your deducted fee that you withheld from the payout from the tenant. This way, the income account "FEES EANRED" will show the income AND the tax. 2) Then, to find the amount of tax to send in, divide the fees income account by 1+the tax rate, that will give the the real amount of income without the tax. 3) Subtract the amount of income (from #2) from the total income and that's the amount of tax to send in. 4) Each time sales tax is due, make a journal entry - debit the fees earned account by the amount of the tax due, then credit "sales tax payable, a liability acocunt. 5) Then when you pay, write a checks window put the liability, sales tax payable account, in the account category where the expense account usually goes and put the amount of the tax. That records the actual payment and should be done on the day of the payment. I need time to finish all the other videos beofe I make that 1. Please let me know if you got it. -Mark

[@SCFoster]

I'm assuming this process will not work if one is using the default A/R account for other business activities, correct?

[@worldwidequickbooks]

Yes. Unfortunatly, the ONLINE version of quickbooks does not YET allow for more than 1 "accounts receivable" type of account that will match a set of customer's balances. The desktop version does. In the desktop version, you can make 1 "receivebles" type of account to track all deposits payable back to the tenants and another receivables type of account to track the unearned monthly rent. wuth QBO, you need to do a "work around" and use a regular liability account and look in the details of trhe account to get tenant specific data. Here is the whole playlist.............. #16 is the security deposit video that explains the issue and gives an example of the work around... I hope you will "like" after watching each video and I hope you will subscribe -Mark

[@SCFoster]

@@worldwidequickbooks Mark, thanks for the quick response. I did put in a feature request to Quickbooks about this.

[@worldwidequickbooks]

@@SCFoster then thank you from all of us!! It would be SOOOOOOOO great if QBO had other receivable accounts that you could use like the way desktop does.

[@ghebremedhinkiflu6024]

I need quick book text book indtailed

[@worldwidequickbooks]

Thank you, My channel page is a QuickBooks Text Book of everything. -Mark