I'm looking for 'bookkeeping' help.
I have one company (partnership) which owns rentals (comp1). I have a second company (Scorp) which manages the properties (comp2).
I receive Section 8 payments in the name of the management company.
I have the management company pay all the bills on the rentals.
I use Quickbooks.
I have a mind block on how to expense the pass-through money as well as the bills the management company pays on behalf of company 1 so that I can show a true financial picture of the Management company for the IRS (and anyone else who wanted to know). Can you help?
Sure we can help with your QuickBooks and bookkeeping needs. We are QuickBooks certified consultants with a niche real estate and property management industry. I have authored books and guides for landlords, developers, investors, and property managers ...powered by QuickBooks.
Do contact me would be glad to talk to you.
Enjoy Labor Day Weekend!
Hi Steve, I'm assuming you have 2 separate QB files, one for each company. Simply write a check from one to the other and make the deposit. You must also have separate bank accounts to make this work.
Hi Gita, Thanks for the offer I may be calling you.
Hey Dick, Yes I have two different company accounts and two different checkbooks.
My problem is that all my sect 8 checks come in under the mgmt EIN but all the expenses they pay are the PROP owner expenses.
So if $800 in rent comes in to a single operating acct
and the mgmt pays $500 mortgage pymnt
and then pays prop owner $300
The mgmt company has $0 income and $800 expenses EXCEPT
$500 of what is paid out is really a mort expense for the PROP owner, and is recorded that way in quickbooks.
So how do I expense that as a $500 payment to the PROP owner, and what do I call the $300 pass through payment to the owners
Right now, to me for the mgmt comp, it looks like
$500 mort payment expense for owner
$300 owner pymnt
$500 pass through money paid out on behalf of owner
I know I'm missing something but I can't figure it out.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing