Using Quickbooks is a big plus for property management

May 6, 2010 at 5:04 pm Leave a comment

Using QuickBooks for tracking your property management business provides important benefits for a business owner that include preparing for your income tax returns, getting a loan from a bank, and tracking renter’s invoices, payments and AR (Accts Receivable, or how much renters owe you).

A big QuickBooks (QB) benefit is the ability to create & memorize accurate reports your accountant can use to prepare your income tax returns.  As you enter transaction data into QuickBooks, you create your financial reports monthly, check them for accuracy and correct any errors.  Then on the day after a quarter ends, or after yearend, you print your financials with the click of your mouse and send them to your accountant.  This saves a lot of time.  Your accountant will be pleased and may even charge you less money.

QuickBooks is a double-entry accounting system.  If you want a loan from a bank, the bank will accept your double-entry financial reports for consideration.  Banks do not accept reports generated in Excel or a single-entry accounting system like Quicken.

You can design a powerful system of tracking renters’ monthly rents owed and payments received, always knowing how much a renter owes or not.  When a renter signs a lease, you create an invoice for the first month, and you memorize that invoice.  You schedule QuickBooks (QB) to automatically enter that invoice every month.  You tell QB how many months you want it entered.  You set QB up to remind you when a lease ends, so you remember to renew the lease.  When you memorize the monthly rent invoice for every renter, you set up a memorized group with every renter included in that group, and QB will enter all the monthly invoices at one time.  Then you print or email the invoices all at one time or not, depending on your setup.  Imagine how much time you will save with such a system!  Instead of entering your invoices one-by-one, QB enters them all at once.

If you need help setting up such a system, contact QB Queen Linda Russell, she can work with you to save you setup time and problems.  Visit her website at www.QBQueen.com, call 1-877-553-4422, or e-mail QBQueen@verizon.net.

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Entry filed under: Property Management. Tags: , , , , , .

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