Hello to all my property management friends using QuickBooks desktop This video shows the necessary accounts in the chart of accounts in a property management company. It explains why a rental property service company would use these specific accounts and account types. It also shows the items list of a property management company which should be easy to understand as it has very few items on the list. I hope you will “like” after watching and subscribe. -Mark
@@yanaminitser1333 I'm happy to help. Stay tuned eery 2-3 days for a new video until the property management series is complete. I hope you will "like" after watching each one and subscribe. -Mark
I'm happy to help and if you want the full playlist you can click on the top right corner of this video and watch it in proper order and then you will know everything I promise Mark
If we receive payment from platforms like Airbnb and also have tenants from direct bookings, would we set up the Customers differently? I was thinking maybe setup Airbnb as a sub-account because it acts as the "tenant".
Thank you but your actually talking about Bookkeeping as a landlord and this video is fro those companies who give service to landlords. You would need to purchase Quickbooks for landords, the course at quickbooks for landlords dot net. -Mark
We are doing it a bit different. What we do is to pay the full rent to the landlord and we don't deduct fees from it. So basically we transfer it immediately as soon as the rent is received. Do I need this Rent Payable to Landlord Account? I don't want the rent to show as income for us, so I assume it will go to this account and from this account out to the owner. We bill the landlord separately for management fees or any work done at the properties. Landlords typically just e-transfer their standard fees on the 1st of the month to us without even receiving an invoice. Do I understand this right? I am still busy viewing all the property manager videos in a row.
Thank you for watching the videos and thank you for your question. I really can't comment about any other message you might use because I know that the methods outlined in this playlist will work perfectly if you use them. The way that it is shown. You really can't mix message and do different things because then everything won't fit together perfectly. Yes,i suggest you double-click in the top right? Cor search of this video to get the link to the full property management playlist. If you watch it in proper order it will be clear. How quick books test top is used and fits perfectly for property management companies that give service to landlords.. Please confirm you have the link and don't worry,. It's not that long each video is only a few minutes but when you finished,. You will see how everything fits together and these methods will work perfectly if you just follow the video. Mark.
@@worldwidequickbooks thanks for replying. I am going through the whole playlist and am more than halfway through. Just came back to this one to submit the question. Enjoy all the videos. You are an amazing instructor. Thanks for sharing this with us for free!!
There are reports when you can get the list of every payout that you gave to the property owner You could also customize a report from the custom report menu Any report that simply allows to c o see all the payments and easily get the total can give you the one number you need to print for them at ten ninety nine So quick books will give you the total of everything you paid each landlord and then you can put that number on a ten ninety nine and a p d f and printed and give it to them So quick books will give you the total of everything you paid each landlord and then you can put that number on a 1099 in a PDF and print it and give it to them. Mark
@@worldwidequickbooks Yes, I do have the report with everything paid to owners. I was hoping on being able to print the 1099 directly from QB. No big deal. I am very grateful for all your videos, before finding you I was lost and ready to buy a very expensive software. Thank you!
Because it won't work that way If you click in the top right corner of this video you'll get the link to the full playlist and the full playlist will explain everything clearly if you watch It and proper order.
Simply put, in QB, accounts receivable functions with customers and accounts payable functions with vendors. It is a QB limitation intended to ensure that their average user doesn't muddle things up too much. There are really only a handful of business types that this limitations effects and there is a convenient work around as described in the video. If it makes you feel better about it, think of Rent Payable to Landlord Clients as functioning similar to a contra-account.
You will see that if you watch the whole playlist that this video is a part of Look for the link for the full playlist under the 1st paragraph in the description field or click in the top right corner of the video Watch each video in order and you will be able to see that and anything else you need if you are a property manager If you are not a property manager you can go to the channel page by clicking on the Kitty You can search in the search bar on the channel page for any topic in quickbooks that you need Mark By the way, the report you need is the open invoice report and the custom a balance detail
Hello to all my property management friends using QuickBooks desktop
This video shows the necessary accounts in the chart of accounts in a property management company. It explains why a rental property service company would use these specific accounts and account types. It also shows the items list of a property management company which should be easy to understand as it has very few items on the list.
I hope you will “like” after watching and subscribe.
-Mark
Thanks for your help 👍
@@yanaminitser1333 I'm happy to help. Stay tuned eery 2-3 days for a new video until the property management series is complete.
I hope you will "like" after watching each one and subscribe.
-Mark
Thanks for helping to understand real estate management.
I'm happy to help and if you want the full playlist you can click on the top right corner of this video and watch it in proper order and then you will know everything I promise
Mark
If we receive payment from platforms like Airbnb and also have tenants from direct bookings, would we set up the Customers differently? I was thinking maybe setup Airbnb as a sub-account because it acts as the "tenant".
Thank you but your actually talking about Bookkeeping as a landlord and this video is fro those companies who give service to landlords.
You would need to purchase Quickbooks for landords, the course at quickbooks for landlords dot net.
-Mark
We are doing it a bit different. What we do is to pay the full rent to the landlord and we don't deduct fees from it. So basically we transfer it immediately as soon as the rent is received. Do I need this Rent Payable to Landlord Account? I don't want the rent to show as income for us, so I assume it will go to this account and from this account out to the owner. We bill the landlord separately for management fees or any work done at the properties. Landlords typically just e-transfer their standard fees on the 1st of the month to us without even receiving an invoice. Do I understand this right? I am still busy viewing all the property manager videos in a row.
Thank you for watching the videos and thank you for your question.
I really can't comment about any other message you might use because I know that the methods outlined in this playlist will work perfectly if you use them.
The way that it is shown. You really can't mix message and do different things because then everything won't fit together perfectly.
Yes,i suggest you double-click in the top right? Cor search of this video to get the link to the full property management playlist.
If you watch it in proper order it will be clear. How quick books test top is used and fits perfectly for property management companies that give service to landlords..
Please confirm you have the link and don't worry,. It's not that long each video is only a few minutes but when you finished,. You will see how everything fits together and these methods will work perfectly if you just follow the video.
Mark.
@@worldwidequickbooks thanks for replying. I am going through the whole playlist and am more than halfway through. Just came back to this one to submit the question. Enjoy all the videos. You are an amazing instructor. Thanks for sharing this with us for free!!
How can we print the 1099 MISC for property owners if we treat them as customers rather than vendors?
There are reports when you can get the list of every payout that you gave to the property owner
You could also customize a report from the custom report menu
Any report that simply allows to c o see all the payments and easily get the total can give you the one number you need to print for them at ten ninety nine
So quick books will give you the total of everything you paid each landlord and then you can put that number on a ten ninety nine and a p d f and printed and give it to them
So quick books will give you the total of everything you paid each landlord and then you can put that number on a 1099 in a PDF and print it and give it to them.
Mark
@@worldwidequickbooks Yes, I do have the report with everything paid to owners. I was hoping on being able to print the 1099 directly from QB. No big deal. I am very grateful for all your videos, before finding you I was lost and ready to buy a very expensive software. Thank you!
Hi Mark, why can't the "rent payable to landlord clients" be set up as an accounts payable liability account instead of an accounts receivable?
Because it won't work that way
If you click in the top right corner of this video you'll get the link to the full playlist and the full playlist will explain everything clearly if you watch It and proper order.
Simply put, in QB, accounts receivable functions with customers and accounts payable functions with vendors. It is a QB limitation intended to ensure that their average user doesn't muddle things up too much. There are really only a handful of business types that this limitations effects and there is a convenient work around as described in the video. If it makes you feel better about it, think of Rent Payable to Landlord Clients as functioning similar to a contra-account.
@@DLSAPLC Yes this makes sense ! Thank you and thank you Mark as well!
Thank You
You're welcome
how to check who and when any invoice or payment made in quickbook
You will see that if you watch the whole playlist that this video is a part of
Look for the link for the full playlist under the 1st paragraph in the description field or click in the top right corner of the video
Watch each video in order and you will be able to see that and anything else you need if you are a property manager
If you are not a property manager you can go to the channel page by clicking on the Kitty
You can search in the search bar on the channel page for any topic in quickbooks that you need
Mark
By the way, the report you need is the open invoice report and the custom a balance detail