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#INTUIT EXPENSE TRACKER HOW TO#
#INTUIT EXPENSE TRACKER SOFTWARE#
#INTUIT EXPENSE TRACKER PROFESSIONAL#

Select the appropriate tenant from the Customer list.

Choose the cash receipt account from the accounts dropdown list.

Click on the customers’ menu – and select Receive Payments to begin entering your rent receipts.

Set up recurring invoices for Rent Payments.

Select your income types (Rent, Late Fees, Pet Fees) as Products.

Set up your Chart of Accounts using the Schedule E categories.

If you do decide to use Quickbooks for rental property accounting, follow these steps to set up your account and start entering rent payments. Setting Up QuickBooks For Your Rental Property

#INTUIT EXPENSE TRACKER SOFTWARE#

Good property management software will also offer property management specific features, such as customizable reports, rental applications, tenant screening and online rent collection. As it is purpose-built for landlords, it allows you to manage properties separately and is designed to make income and expense tracking as simple as possible.

In other words, unless you’re skilled or have plenty of experience with QuickBooks, you may be better off using property management software.

Similarly, the user interface for QuickBooks is not designed for individuals managing numerous separate accounts. In terms of using spreadsheets, this means having a separate sheet for each property, which can quickly get out of hand. In fact, you almost need to treat each property as an independent business. 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. The same issues that make spreadsheets unsuitable for rental portfolios make QuickBooks a challenge to use for rental properties. However, QuickBooks is primarily designed for small to midsize businesses. You can use QuickBooks for real estate in several ways, including to track income and expenses associated with your rental property portfolios. You can view a direct feature comparison here.Ĭan You Use QuickBooks for Rental Properties? Plus, we’ll outline its strengths and weaknesses when compared to industry-specific rental accounting software like Landlord Studio which is designed with landlords in mind.

#INTUIT EXPENSE TRACKER HOW TO#

In this article, we look at the suitability of QuickBooks for landlords and explore how to set it up and use it for your rental property accounting.

#INTUIT EXPENSE TRACKER PROFESSIONAL#

If you’ve searched for professional accounting software before, you have probably come across QuickBooks. The great thing is that there is software out there to help make accounting easier. Landlords know as much as anyone that it can be quite complicated, especially if you don’t have a good system in place. It’s no secret that accounting isn’t always the most exciting part of running a business. Using Landlord Studio with QuickBooks for Rental Property Accounting.The Limitations of QuickBooks for Rental Properties.Can QuickBooks be used for Rental Properties?.