The short answer to this question is yes. You can use, and people do use, QuickBooks to track the income and expenses associated with their rental property portfolios.
Select your income types (Rent, Late Fees, Pet Fees) as Products. Set up recurring invoices for Rent Payments. Click on the customers’ menu – and select Receive Payments to begin entering your rent receipts. Choose the cash receipt account from the accounts dropdown list.
This is why some landlords (typically those who have other sources of income as well as rental properties) choose to use QuickBooks in conjunction with Landlord Studio. Combining the two allows them to gain a complete overview of both their personal finances and their real estate accounts.
Essentially, when tracking income and expenses for your rentals, you need to keep your finances for each property separate, ideally on a unit by unit basis. In fact, you almost need to treat each property as an independent business.
To enter rent received: 1 Click on the customers’ menu, and select receive payments to begin entering your rent receipts. 2 Choose the cash receipt account from the accounts drop-down list. 3 Select the appropriate tenant from the Customer list. 4 Enter the amount of the rent payment. Click “OK” to save the receipt if you are inputting rent for only one tenant. If you have rent from more than one tenant, select “ Group with other undeposited funds ” to move on to the next cash receipt entry.
Essentially, when tracking your income and expenses for your rentals you need to keep your finances for each property separate. The result is that the finances for each property need to almost be treated as an independent business.
Because Landlord Studio is specifically designed for creating a streamlined workflow for landlords, minimizing their time spent managing their rental accounts combined with industry-specific features (like automated rent reminders), it makes sense to use Landlord Studio for the day-to-day management of your rentals.
Good bookkeeping is the backbone of any business. Whether you choose to use property management software like Landlord Studio or accounting software like QuickBooks or Xero, it’s vital you organize your books properly and keep careful records of income and expenses categorized properly.
Because Landlord Studio is designed with landlords in mind it is set up to not only be easy to use but to scale with you as your portfolio grows. It does this with a simple design and user interface along with industry-specific features designed to help optimize your property management processes.
Whilst QuickBooks is the leading accounting software for small businesses, it has limitations when it comes to managing rentals. Property management software like Landlord Studio has industry-specific features that are designed for the very purpose of rental property management.
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