Posted by Karen (NY) on January 10, 1999 at 16:42:18:
I have Quick Books too. Honestly I haven’t finished setting it up. I did read a lot of the help file though. It recommends setting up a Property Management company for keeping records of your properties. Then, you set up a Service Company and make the PM company a client of the Service Company. There are seperate instructions for setting up each. (Look for Property Management Company and Service Company in HELP. I just printed them out because they are long.) It pretty detailed, but about 50+ pages of documentation. It’s dry and time consuming, so sit down with it when you have NO distractions.
If anyone has a shortcut, I’d love to hear it. If not, hope this helps you get started!
I have one rental and am planning on having the next one purchased shortly. I am using Quickbooks for my accounting and was wondering if anyone had a model for setting up the accounts for RE investing. I would really appreciate the “timesaver” if anyone has examples of how they set their accounting books up? Thanks and happy investing!
TLBeal
I have quick books and have thought about setting up “CLASSES” for the different houses. I read that you can do that for different departments in an organization…such as different locations for chain stores. I don’t know how easy it would be to do that and run individual profit and loss statements… seems cumbersome to me. But I am going to give it a go. I think you only have to code your checks with a different “class” designation ie. house.
