Quickbooks for owner rental properties

[Gary Sowell]

I’m setting up quickbooks and trying to figure out how to record a few things. -Rent do I set the up as a bill or invoice? -when the renter does not pay so I have to pay to cover the mortgage payment how do I record my payment? I read you list it as owner contribution or something like that (how do I set that up) -when I pay the mortgage do I need to separate how the payment post? Example Principle, interest, escrow, etc... -when I have bills and repairs for an apartment how do I show the payment is for that appointment, when I enter them now it only allows to to select the address of the building in the class. Thank you Gary

[Account Closed]

Use an INVOICE to bill your tenants for rent.  (Invoices show up as income)  If you don't use an Invoice, then that bill shows up as an Accounts Receivable Account.)  You want to be able to use your Profit and Loss Report by Class, which shows your income less expenses, therefore you need to Invoice your Tenants. (Or your Profit and Loss Report General)

You are responsible for your own payments to your mortgage company. Don't rely on payments from your tenants, you may be waiting a long time.  Keep your credit in good shape by paying your mortgage yourself.  You do that by setting up your Mortgage Company as a Vendor and then writing a check to the Vendor (or enter a bill for the vendor and pay later)

On the stub of your check assign each charge as it states on your statement. Therefore, Principle: $350.00, Interest $500.00, PMI $150.00, etc., These Charges must be linked to your Chart of Accounts.

Link all income and all expenses to the property in the Class Feature.  

Nancy Neville