QuickBooks for Rental Property: How to Use and Create?

Tracking your expenses with the right tool will save you time and money, Whether you use QuickBooks for rental property […]

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Tracking your expenses with the right tool will save you time and money, Whether you use QuickBooks for rental property or Landlord Studio.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

It goes without saying that accounting is not always the most crucial part of running a business empire. Landlords are aware that it can be quite difficult as anything, especially when you lack an efficient system to use. The best thing is that QuickBooks accounting software can help your accounting tasks for landlords-related rental properties much easier.

If you have looked for Professional Accounting Software Initially, you may have heard about QuickBooks. In today’s article, We will talk about how sustainable QuickBooks is for landlords and how it can be set up and utilized for rental property accounting.

How to Set up QuickBooks for Rental Property?

Setting up a Particular Rental Property can be a very easy Job. But setting up a rental property in QuickBooks can be a very difficult and complicated task. You need to adhere to certain steps to do it successfully.

Note: QuickBooks Online is a general accounting software that was created for all kinds of businesses. That is why different types of landlords prefer to use QuickBooks Online for their rental property management business.

Here are the steps to use QuickBooks for the purpose of Rental Property Accounting and Set up Your Account and begin Entering Rent Payments:

Setting Up QuickBooks For Your Rental Property

Step 1: Include Your Business Bank Account.

Step 2: Prepare your Tenants as Customers.

Step 3: Now Configure Your Particular Properties as Classes.

Step 4: Create Your Chart of Account with the help of Schedule E Categories.

Step 5: Choose Your Income types like (Pet Fees, Rent, Late Fees) as Products.

Step 6: Create Your Recurring Invoices for the Rent Payments.

To Add Rent Received

Step 1: Press on the Customers menu and Choose to Receive Payments to Start Adding Your Rent Receipts.

Step 2: Select the Cash Receipt Account from the list for the Accounts Dropdown list.

Step 3: Choose the right tenant from the Particular Customer List.

Step 4: Add the Amount of the Particular Rent Payment. In case you are entering the rent for just one tenant, Press OK and Save the Receipt. In case you have rent for more than one tenant, Choose Group with other Undeposited Funds to shift to the other Cash Receipt Entry.

How to Set up Multiple Rental Properties in QuickBooks Online?

The method of setting up several rental properties in QuickBooks Online is the same as above, however, there are multiple steps included in the process.

Say, for instance, an investor who owns a Single-family rental home along with a multiplex duplex. One approach to using QuickBooks Online for several rental properties is to prepare 2 different companies while the other approach is to prepare two separate companies.

Note: Prior to selecting a method and using the time to set up your particular QuickBooks Online, it is always recommended for an investor to talk to a real estate attorney or an authorized public accountant to comprehend better the advantages and disadvantages of every approach.

Several Properties under one Company

Step 1: Create a Company and then name the Company.

Step 2: Create a Chart of Accounts.

Step 3: Now list all the Rental Properties in the form of an Individual Fixed Asset to Enable the Property Values to Update Periodically and also the Depreciation can be cut down from Every Property.

Step 4: Add the Credit Card, and Banking, along with Mortgage Accounts Accessed for Clearing Operating Expenses, Acquiring Rent Payments, and also Financing Every Property.

Step 5: Now Configure the Particular SFR as a Class and allocate a name to it.

Step 6: Configure the Multifamily Property as a different Class and Allocate a Name to it.

Step 7: Configure Sub-Classes in the Multi-family Class for Every Property unit and Allocate Names to such units.

Step 8: Prepare Tenants like Customers with the help of the Name on the Particular Rental Agreement.

Step 9: Create Rental Income as Product and also set up Sub-Products for every kind of Rental Income acquired like Late Fees, Monthly Rent, and Pet Fees.

Step 10: One benefit of Adding Several Properties in the same Company is that a Combined Financial Report can be issued for the Total Rental Property Portfolio along with every Property Class.

How to Set up Individual Rental Companies with Several Properties?

Equipped with one or more rental properties is one way to create several rental properties in QuickBooks Online. The risk of adding transactions to the wrong tenant or property is cut down significantly and also the financial reports are better now.

But there are several steps included when creating two different companies along with a user will require to jump back and forth between organizations while reconciling or posting transactions.

Here is a run-down of the steps to set up two companies:

Set up a Single-family Rental Company

Step 1: Set up a Company.

Step 2: Create a Chart of Accounts.

Step 3: List the Particular Rental Property like Fixed Asset on the given Chart of Accounts.

Step 4: Include Savings, Business Bank, Credit Card, and Mortgage Accounts.

Step 5: Configure the Particular Property as Class.

Step 6: Now Set up the Tenant as a Customer.

Step 7: Create Rental Income as a Particular Product, with Sub-Products for every kind of Rental Income.

Set up a Multi-family Rental Company

Step 1: Set up a Company.

Step 2: Now Create a Chart of Accounts.

Step 3: Now list the Multi-family Property as a Particular Fixed Asset on the given Chart of Accounts.

Step 4: Include the Banking, Mortgage, and Credit Card for the Multi-family Property.

Step 5: Now Configure the Particular Property as Class.

Step 6: Now Configure Every unit in the Family as a Sub-Class in the Main Class.

Step 7: Now make Tenants Customers with the help of the Name on the Particular Rental Agreement.

Step 8: Create Rental Income as a Particular Product and prepare Sub-Products for Every type of Rental Earning Accumulated.

We hope that this article has resolves your queries about using and creating QuickBooks for rental properties. Still, if you seek any professional advice or help regarding using and creating QuickBooks for rental properties, Connect with Dancing Numbers team via LIVE CHAT.

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+1-800-596-0806 or chat with experts.


Frequently Asked Questions

What are the Benefits of using QuickBooks for Rental Properties?

Here is the list of benefits of using QuickBooks for rental properties:

Easy to use: QuickBooks is extremely user-friendly in comparison to other kinds of accounting software. Not to mention, it has a set of intuitive designs for business owners even for those who lack an accounting background.
Easy to Customize: QuickBooks boasts software templates that can be customized with related information and fields.
Integration is Smooth: Integrating the QuickBooks accounting software is smooth, especially when you are sorting out your taxes. It is possible to add your credit card detail and bank account information connected with the rental property.

How to Record Rent Payments in QuickBooks?

Here are the Steps to Record Rent Payments in QuickBooks:

Step 1: Launch the QuickBooks Program. Now Select Customer: Job list from the Provided list Menu.

Step 2: Select the Customer and then Select Statement Charges from the provided actions Menu.

Step 3: Now Choose the Empty Field that is at the End of the Register.

Step 4: The Eent Amount is included in the field.

Step 5: Now select Accounts Receivable from the drop-down for Account and Choose Record to finish the Entry.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Importer, Exporter & Deleter

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Pricing includes coverage for users
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Accountant Basic

*See our Pricing for up to 10 Company Files.

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Pricing includes coverage for users
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Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
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  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

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Pricing includes coverage for users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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