QuickBooks Online Setup Template for Rental Properties
You want to track properties separately in Quickbooks Online, but the rents go to the same account, for example.
Step 1: Set Up Classes for Each Property
Examples: For those managing multiple properties, it’s crucial to track properties separately in QuickBooks Online to ensure accurate financial reporting.
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Maple Street Duplex
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Oak Ridge Cabin
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3rd Avenue Fourplex
Common Income Categories (Chart of Accounts)
| Account Name | Account Type | Notes |
|---|---|---|
| Rental Income | Income | Monthly rent collected |
| Late Fees | Income | Charged for late rent payments |
| Laundry/Vending Income | Income | On-site amenity income |
| Utility Reimbursement | Income | Utilities paid by tenants |
| Pet Fees | Income | One-time or monthly pet charges |
Assign Class = [Property Name] to each income item when recorded.
Common Expense Categories
| Account Name | Account Type | Notes |
|---|---|---|
| Repairs and Maintenance | Expense | Plumbing, HVAC, handyman |
| Utilities | Expense | Electric, gas, water |
| Insurance | Expense | Property insurance |
| Property Taxes | Expense | City or county property taxes |
| Management Fees | Expense | If using a property manager |
| Supplies | Expense | Cleaning supplies, bulbs, etc. |
| Advertising and Marketing | Expense | To find tenants |
| Legal and Professional Services | Expense | Bookkeeping, legal help, accounting |
| Bank Service Charges | Expense | Fees from your bank |
| Travel and Mileage | Expense | Site visits or maintenance trips |
| Depreciation | Other Expense* | Usually entered by a tax pro |
Use the Class field on each transaction to tie the expense to the correct property and accurately track properties separately within your QuickBooks Online account.
Run Reports by Property
After setup, you can run:
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Profit and Loss by Class – See income/expenses by property, which is essential for those who want to track their properties separately in QuickBooks Online.
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Transaction Detail by Class – See every transaction per property
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Balance Sheet by Class (if tracking property assets/loans)