Posted on 11/02/2023 by Niko Venev
QuickBooks is a popular piece of accounting software used by many businesses to keep track of their expenses, profits, payroll, and taxation. Since owning rental properties is a form of business, it stands to reason that you could use QuickBooks for that, too, right? There's a significant amount of financial work that goes into managing investment properties, including maintenance costs, buying ads to find new renters, and collecting rent every month, and this doesn't sound all that different from the types of tasks that any other business person might do. You'll need to keep an eye on how much you're taking in, how much you're spending on upkeep, and how much you need to pay in taxes every year, too. The best way to manage it all might just be with a full-featured, reliable piece of accounting software like QuickBooks.
Live QuickBooks Instructor-led Courses |
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Course Title | Length | Price (USD) |
QuickBooks Online Edition: Basic course | 1 day | $445 |
QuickBooks Desktop Edition: Basic course | 1 day | $445 |
QuickBooks Desktop Edition: Advanced course | 1 day | $445 |
QuickBooks Desktop - Combo (Basic & Advanced) | 2 days | $810 |
Self-Paced QuickBooks eLearning |
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Course Title | Length | Price (USD) |
QuickBooks Online and Desktop Bundle | 9 courses | $300 |
QuickBooks isn't specifically made with rental property accounting in mind, but that doesn't mean it can't be used for that reason. You'll simply have to adjust the template you're using to make it work for your specific needs. This includes setting up a chart of accounts for rental properties, adding mortgage accounts, adding your properties in the class categories, listing tenants as your customers, setting the product as rental income, and sending recurring invoices to get rent payments. Using QuickBooks as property management software can help keep transactions separate from one another, especially if you have multiple investment properties, as it allows you to track transactions for every property. You can also use QuickBooks to keep track of any expenses, such as repairs and maintenance, so everything is easy to access during tax season.
While it's totally doable to use QuickBooks for rental property management, it's definitely not as straightforward as it would be if you were running a small to mid-size business. That's why it's a good idea to seek out a professional instructor who can ensure that you have a firm grasp of the ins and outs of this software and how to configure it to suit your accounting needs.
There isn't a specific version of QuickBooks made for property managers, but you can use either the desktop version or the online version to do what you need it to do. The desktop version can be bought and installed only on a specific desktop machine, while the online version can be used on any digital device with an Internet connection. The answer to which QuickBooks is best for rental property managers will therefore depend mainly on personal preference. Both versions have a lot of the same features that landlords can use while managing their rental properties, like tracking subcontractors, service expenses, rental income, and the different bank accounts or mortgages for your properties. If you're just one person tracking your properties and tenants and you're comfortable doing accounting work, QuickBooks Desktop can be a great option, since you don't need it to be installed on multiple devices. But if you have multiple people involved in the accounting for your rental properties, QuickBooks Online might be a better choice because you can buy a multi-user plan that lets everyone on your team access the information they need from anywhere.
Good bookkeeping is the backbone of rental property management, especially when multiple properties are involved, and QuickBooks can be a great answer to your bookkeeping woes. Anybody can learn QuickBooks, though it can be a bit challenging if you don't have much experience with similar types of software. That's why Certstaffix Training offers instructor-led, professionally designed QuickBooks training courses. Our hands-on training makes it easier to learn how to use QuickBooks as property management software, teaching you everything you need to know in as little as one day! Whether you choose to take a live class with us or sign up for the self-paced e-learning option, you'll learn more efficiently when you study with Certstaffix Training. Sign up today!