QuickBooks set up for Rentals, separated and consolidated?
I have done lots of reading around here about folks using QuickBooks for their rentals. I am interested in doing something similar, but I’m not sure I understand the capabilities of the different versions and how things should be set up in the software.
I am looking for a way to set up a couple companies that have properties. I would like to be able to see all the normal reports (balance sheet, income statement, etc.) by company, and also by property, as well as consolidated reports that include all of the companies and properties.
From what I have read here on BP, some people set up each property as a “customer” and keep track of things that way.
I called and talked to the QuickBooks support and they gave me some good info, but they said if I want to use the online version, I would need to buy a separate subscription for each company, which would be expensive.
I haven’t used the software before, but I’ve read that some people use “classes” to keep track of portions of their business. Could classes be used to separate companies to run reports as described above?
I would love to hear how people here set up the software for rentals--thanks in advance for your feedback!