QUICKBOOKS ONLINE - FULL SETUP FOR RENTAL PROPERTY (Leasing) BUSINESS.

[@Thenumberone341]

Thank you for making this video, I am trying to set up QB and this really gave me a clear idea of how to easily do it. Thank you!!!

[@StrugoalfamTV]

This is so helpful! I am an experience accountant, but I am new to property managers. This was clutch!

[@MikeHoubba]

Great Video Andrew! I use QB Desktop pro. I am getting tired of switching companies each time I need to record something. I own several strip malls and looking to migrate to QB online but do not want to pay for multiple subscriptions (1 for each strip mall or entity). Each time I call QB, they tell me I need 1 subscription per. But this video makes me believe that I can use locations to treat each mall separately. Is that true? Can I filter reporting the same so that my accountant can treat each mall independently?

[@jimle5703]

This is awesome video tutorials, thanks for sharing Andrew!!!

[@essamuhammad6393]

Its really help full teaching , please guide me, how to set and record expenses in real estate businness

[@renzjosermiral8606]

Very informative as easy as that

[@kittymarfori2691]

Hi Andrew, we would love guidance and advice as we migrate to Quickbooks. How can we get in touch privately?

[@elviragerasimova8702]

Thank you so much! Such a helpful video!

[@tonyrocco6452]

is your chart of accounts excel spreadsheet available for download?

[@mailynrodriguez3947]

This is very useful. I am going to watch this from time to time because I need to set up Quickbooks for my client. May I ask if tenant cloud was used on payment of the tenant, how can I be able to transact this on Quickbooks online? Thank you so much.

[@ingridcortes1536]

Thank you sir.

[@michelleharriman7342]

I have some rental income an my chart of accounts has too many items on it, how can I change it to make it more specific, less busy?

[@carriejardin6820]

Great video! I set mine up similar to your instruction in this video. However, we use a Property Management company that sends us statements every month. I had to enter all of 2022 per each monthly statement, done as journal entries and I really would like to ask if we can meet for a Zoom to show you this as I want to ask about an item on each of the PM statements to be sure I have entered these JEs in QB correctly. Please let me know if you have anytime this month in October for about an hour and your cost. I would appreciate your confirmation. I am PST (California). Thank you!

[@AndrewRMoloCPA]

Hi. Would love to help. Please send me an email [e-mail] So we can talk about the details. Thank you

[@ensiyehkhosropour9149]

I synced the bank account to the quickbooks but i see in most of the cases the entries came in as received deposits instead of spent expense. What should i do please help 😢😢😢???

[@alvinsecillano5125]

Good Day Andrew; I watch your you tube video and find it very helpful. But you did not discuss there about the move in and move out transaction with Security & Advance payment. May you help me to go around in this kind of transaction. Hope you can create a video transaction about this.

[@AndrewRMoloCPA]

Hi Alvin Secillano, thank you for the suggestion. the video is actually just for the setup stage. I haven't made any videos yet for the day to day leasing transactions but I'll jot this down for my next videos. thank you so much!

[@caratchoi1068]

Hi Sir. Thanks for this video. 8:14, what if we need to bill the expenses and tag as income, only the client can fix that part? I cannot see it on Accountant's view.

[@AndrewRMoloCPA]

What qbo subscription level is that?

[@muhammadamjad8009]

very helpful video Sir

[@abdomahdy3439]

SIR Firstly thanks for amazing video I am confused Now what is the best for recording buildings and its Units I have QB Online plus and its available classes and location so SO now should I use Locations and sub locations OR customers and sub customers

[@AndrewRMoloCPA]

Locations is the best option. Please take note that, plus version only allows upto 40 class and loc combined. Only the advanced version is unlimited.

[@abdomahdy3439]

@Andrew R. Molo, CPA sir thanks for your helpful replies I am new user I know to record customer as building then unit then sub customer as tenant But don't know what should i record in classes and locations For example I have three rental building A ,B ,C Each building 50 unit I need to track every building separate How I do this please

[@AndrewRMoloCPA]

@@abdomahdy3439 try tracking the entire builing as a location and the units as sublocation. Leave classes reserved for something else in the future. The tenants should always be a customer.

[@LoveMeTVLynDenosta]

Nice video, thank you

[@dawnpatterson9257]

hi Andrew-I am working with a property manager to provide bookkeeping services. She has given access to her books, and to be honest, they are really messed up. With this being the new year, how hard would it be, if I take her on as a client, to set her up with a new file, looking like your suggestions, and then moving the old stuff back her in QBO as it is cleaned up. She doesn't have bank accounts linked, all her properties and tenants are on the chart of accounts. It's a mess. It would be so much easier to start her fresh for the new year.

[@AndrewRMoloCPA]

Just by the chart of accounts I can tell you wouldnt be able to move forward with bookkeeping properly. I agree that the best way is to start fresh.

[@lil-cfo]

Thank you for making these videos, very helpful! Question, if a real estate company is using property management softwares like Appfolio, Biuldium, Rent Manager, among others, do we need to intergrate these into QB and either would do? What is the best accounting practice? Thanks for your response, in advance.

[@willyaguinaldo4778]

Hi Lanie, yah it is possible to integrate into QB appls.. from Appfolio or other system to QBD..

[@AndrewRMoloCPA]

Hi, most of the apps you mentioned have built in accounting and reporting modules. But most of the clients I have worked with still used quickbooks because it is more dynamic in the reporting aspect. You can try integreting both softwares but honestly, getting an integration app that transfers accurate figures is hard these days. There is a good chance it will mess up your numbers. To answer your question, yes ypu can integrate but make sure its transferring the correct amounts as this is the most common problem with integration apps.

[@lil-cfo]

@@willyaguinaldo4778 thsnk you!

[@lil-cfo]

@@AndrewRMoloCPA appreciate the information, thank you!

[@mdmozammelhoque3094]

Nice video. If you will upload new video it will be helpful to all. Tnx

[@danieltisdale4336]

Hi Andrew thanks for the helpful video! Quick question on the sales tax on rental income, is that a requirement? My tenant is just going to be paying a flat rental rate so I'm not sure if I would need to include sales tax on this. Additionally, I am going to be Airbnbing a garage apartment at my new property, but living in the main unit. Should I include all of my mortgage and personal expenses as part of this as well or just leave that out? Thanks!

[@AndrewRMoloCPA]

Hi Daniel. Sales taxes depend on your requirement. If you don't need to collect sales taxes then do not put taxes when creating an invoice. Just leave the tax column blank or use non taxable. When you have mortgages on your property, record the entire loan amount as a mortgage payable. And record mortgage payments as payments of the loan. Never include personal expenses. Only record business related expense. In case you are using business funds for personal expense, record that as a debit to owners drawing and not a debit to expense.

[@danieltisdale4336]

@@AndrewRMoloCPA Hi Andrew, thank you very much for the information! If I need to put personal funds into the business to purchase things, how do I handle that?

[@AndrewRMoloCPA]

@@danieltisdale4336 record that as an additional investment. Debit to cash(if cash) and credit to owners equity.

[@d.s.5807]

I've never heard of sales tax on a rental unless it's like an Air B N B situation

[@willyaguinaldo4778]

Sir, Question, they have possible solution for check warehousing on real estate.. Thanks,

[@AndrewRMoloCPA]

Hi, there is no dedicated Check Warehousing System inside quickbooks. But work arounds are available.

[@maybelledelacruz8778]

hello, is this applicable to any areas? my client is in Texas, and I will set up quickbooks for rental properties for her, Thanks

[@AndrewRMoloCPA]

Hi prettymuch yes.

[@nainaamin2323]

For a primary house rented to 5 tenants which QB do you recommend to use, online or desktop version and also we need to add location , so which package is better to buy?

[@AndrewRMoloCPA]

I would recommend quickbooks online plus. however it only allows upto 40 locations and classes, if your business expands you can always upgrade to advance version for unlimited classes and loc. as to whether you should get the desktop or online version depends on the budget. desktop is a lot cheaper than online in the long run, and it's also better in some aspects compared to the online version but for data security and easier access to the software, I would recommend the online plus.

[@nainaamin2323]

@@AndrewRMoloCPA Thanks Andrew for your response. I would then prefer desktop. Then for the desktop I can purchase QB Premier edition 2021? In there you can add class and locations right? Thanks for your help.

[@anandaentities716]

do you help with setup for a fee? I have most of my rental properties set but need some clean up help and suggestions

[@AndrewRMoloCPA]

Hi Ananda, yes I do. Please email me at [e-mail] Thanks for reaching out :)

[@sabrinatuazon2131]

Hello sir. I have a client and im new in real estate property. I have a question po sana vka pwde nyo po ako matulungan? Thank you

[@zafargbc92]

sir i have a rental property company and i hav 7 sub companies and one company have 6 properties. i have all data of bills, rents, repairs act likes. how to import data from excel that i can manage easly in QB can u help me

[@AndrewRMoloCPA]

Hi Qazi. Sent me an email. Its in my youtube banner. I reply very quick.

[@genemontano432]

Can you KZbin for food truck/trailer please

[@AndrewRMoloCPA]

Hi. Their practically the same, except for the fact that the "restaurant" moves from one place to another and that most of the sales are take away.(for food trucks)

[@maricelmanatad9198]

Hello sir Andrew! I currently work in a real estate company, short term and long term rental. I have question po sana. How you categorized discount/refunds for guest po? the amount is already paid and categorized as rental income. so should i categorized refund as expense or i will debit rental income for refunds?

[@AndrewRMoloCPA]

Hi, if the discounts and refunds are entered along with the rent income, create a service item and name it Discounts, on the "income account" dropdown, choose the available discount account. use this service item on the sales receipt but enter the amount as a negative, and the rent income at gross amount. you should be able to arrive at the net cash inflow of that specific transaction.

[@maricelmanatad9198]

@@AndrewRMoloCPA thank you for your response, sir. God bless you more. Thanks to your videos, continue to create more useful and informative videos. :)

[@melissadodson6273]

How can you do weekly rentals?

[@AndrewRMoloCPA]

Hi Melisa, its all on the recurring templates. You can set it up to generate invoices weekly.

[@BenildaOlamunch6583]

HI ANDREW, my name is Dianne dito po ako sa Dubai new lng po ako dito sa Real State company.I watched your full video for im doing new set up for Quickbooks.Im Junior accounts here,Im not professional accounting graduate iI just study short course of basic accounting and and quickbooks.My main issue sir I could find how i wild set up tenancy contract in our QUICKBOOKS account I already asked to Quickbooks but they didn't yet reply..Hopefully you can help me or can have your Advice.thank you and GOd Bless..

[@AndrewRMoloCPA]

Hi Dianne, you can setup tenancy contracts inquickbooks using the recurring transactions feature. I have gone through this somewhere in the video. You can setup quickbooks to automatically produce tenant invoices every month at your desired schedule.

[@BenildaOlamunch6583]

@@AndrewRMoloCPA Thank you for your time to reply sir Andrew, what I'm saying is can i add Template here in quickbooks of Tenancy contract for we can enter their contract details? is it okay if we communicate through email ?If yes here is my email address [e-mail] or if you have Whatsapp here is my mobile number [phone] .once again THANK YOU so much for your kind consideration GOD Bless..

[@AndrewRMoloCPA]

@@BenildaOlamunch6583 unfortunately, qb does not have a lease contract module yet. But if your goal is to automate invoicing based on actual contract then that's possible. Send me an email at [e-mail]