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Property Mgnt Accounting in Quickbooks,
Marilyn, it was nice talking to you and yes I will think about suggestions. This website also has some great Accountants and Quickbooks experts and maybe they will also offer advice.
My other suggestion is to go online to SCORE. You can pick a SCORE Counselor (or maybe 2) of your choice and ask them your question. They MUST answer you and as you know SCORE is FREE.
Best of luck, LUCKIEST
Thank you - I'll try that. I appreciate you help!
If you created the QB file, there are preset Chart of Accounts that you can use for a Property Management Company. However, If I am correct, you collect the rents from the tennants, then you deduct your property management fees prior to giving to your client. Then you could collect the rents from the renters and put it in a Liability Account called Tennant Rents. Then Enter a bill to your client for the rent in full (Going to the Tennant Rents Liability Account). Then enter a CM for your client for your fees (using an income account). The result will be that you pay out the fill rent amount and then deduct the CM for your fees. That would be the easiest way to do it without journal entries.
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I'm not sure how to set up my chart of accounts in quickbooks for my property management. Our business is different because we deduct our managment fee and any expenses from the rents prior to disbursing the monthly to the owners. Can anyone possibly send me a sample chart of accounts to help me out?