🏘️ QuickBooks Online Setup Template for Rental Properties
🔧 Step 1: Set Up Classes for Each Property
Examples:
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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.
📊 Run Reports by Property
After setup, you can run:
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Profit and Loss by Class – See income/expenses by property
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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)
