We have been using QuickBooks 2010 for a few years to account for our Real Estate Business. We buy/hold and rent out our SFR/Duplexes/Multifamily Properties.
We use 'Classes' for our 'Customers' (Tenants) to help separate and sort the data. I think we are relatively efficient with it, but feel like "we don't know what we don't know"...
My question to QB users... Which report or reporting tool do you use to analyze Cash Flow by each unit or tenant? Have you found a report that includes all $ in/out?
Looking for an ahah moment...
I'd actually like to hear answers to this as well. I only have two rental properties now and have been using Quickbooks effectively. However I want to buy more properties and if I should make a change in QB or to another software completely now is the time for me.
I run P&L detail report by class and date filters, this allows me to see each address and you can sort however you wish
I would recommend having the properties be the classes instead of tenants. Then you can run a p&l by class and see how the properties have performed over multiple tena
Have you seen this training? May be worth the $99 just to compare their method to yours. I think it would be advantageous even if you only learn one or two tricks.
I had prepared a pretty long reply detailing how I use Classes & Customers:Jobs, but after re-reading the OP, I wonder if there's a slight typo.
@Bryan Vince , did you mean to say you use Classes=properties and Customers=tenants? Or did you really mean Classes=tenants?
Assuming the former, I think the cash flow statement should give you the cash in / out that you're looking for. To make the report perfect for your needs, you can:
- Filter by Class(=property) to see the cash flow by property
- Filter by Name(=Customer=tenant) to see the cash flow by tenant
The Filter is a tab under "Customize Report"
If you're missing transactions that should be there or getting extra transactions that shouldn't, you can tweak the CFS under Edit-->Preferences-->Reports & Graphs-->Company Preferences-->Classify Cash. Generally, you'll only need to do this for Balance Sheet items (because the QB CFS starts with net income, so income/expense items are already captured) .
I use classes for properties and then also set your properties up as customers and then your tenants as jobs, then you can select the tenant from under your property when you receive rent. I don't think quickbooks is ideal for rental properties but it works for me using it in this unique way. Does anyone else have better software for tracking rental property financials?
I also use QB 2010.
Click on Reports > Company Financial > Profit & Loss by Class.
The way I learned is to make properties classes. Properties are also set up as Customers and Tenants are jobs.
Thanks for the thoughts! We'll keep working at it and share what ends up working best for us...
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