This book will give you step by step instructions on how to setup QuickBooks Online(QBO) to manage your properties. QBO (a nickname for QuickBooks Online) has improved dramatically over the last few years and is now an excellent choice for this purpose. I managed my own properties for years and wrote three separate software systems to do it. I still sell one, you can look at it and see what you think, www.Myprop.us.
I was very excited to see QuickBooks’s add some of the features necessary to allow QBO to handle the unique characteristics needed to Manage Properties. It’s worth a look, before you spend hundreds or even thousands on a standalone Property Management System. You can buy the hardcopy of this book at www.QBOAssistant.com
Chapter One - Introduction – Why QuickBooks Online?
Why QuickBooks online? Isn’t that an awful program? I’ve heard many people say that over the years including myself. But in 2014 when I took my certification exams in QuickBooks to be an Online Pro advisor I began to like the Online Version. It took me a little time to learn it but now I find it very easy to use.
Why listen to me? I bought my first 4 unit building in 1973. In 1979, being a computer programmer I wrote a Property Management system on a Radio Shack PC.
Two year later I wrote another one on a multi user system with a partner. That company still exists today and specializes in commercial property management.
In 2002 when QuickBooks announced their development program I quickly wrote a Property Management System http://www.MyProp.us connected to QuickBooks Desktop When I saw the way it was structured with Location that you could call properties and also still have classes, I thought this could really work for Property Management.
The program still needs more custom fields to store Tenant data and things like that but that will come. Hopefully I’ve convinced you to spend some time looking at the possibilities. It’s easy to use and will save you money in the future. Think of it no more IT guy to call when the system goes down. A resident manager can connect up and you’ll know instantly when a new Tenant move in, pays rent etc..
This book is not designed to teach you QBO. What it will teach you is how to use the online version to manage your properties efficiently. I will be going over some of the features I like along the way. You are required to have at least a working knowledge of QuickBooks Online to really get how this works. There are many online courses and tutorials on the net to do this. But give QBO a try; eventually you’ll really love it. Here’s a link to get started.
If you’ve used QuickBooks Desktop for any type of accounting, including Property Management, you know what classes are. It is a means to be able to distinguish data from one entity to the next for reporting purposes.
For Property Management purposes we want to be able to separate income and expenses by Building. In some states bookkeepers and Accountants require that you set up a separate QuickBooks Company for each building, especially for LLC’s. In that case you won’t need to separate your data as all reports for buildings, profit and balance sheet will
only have one buildings data.
But if you want to manage multiple properties using one QuickBooks Company you will need to use Locations rather than classes. The problem with using classes is that are entered on the detail section of a transaction, where location get entered on the header. A side benefit is you can change the name of location to Property which makes much more sense.
It’s possible that classes could be used to categorize expenses by unit. We tried that with www.MyProp.us but users made too many errors by forgetting to put the correct link in.
To see a complete explanation on why it’s better to use locations rather than classes for Property Management purposes click on the help section and enter Class’s vs. locations...
Th
I was very excited to see QuickBooks’s add some of the features necessary to allow QBO to handle the unique characteristics needed to Manage Properties. It’s worth a look, before you spend hundreds or even thousands on a standalone Property Management System. You can buy the hardcopy of this book at www.QBOAssistant.com
Chapter One - Introduction – Why QuickBooks Online?
Why QuickBooks online? Isn’t that an awful program? I’ve heard many people say that over the years including myself. But in 2014 when I took my certification exams in QuickBooks to be an Online Pro advisor I began to like the Online Version. It took me a little time to learn it but now I find it very easy to use.
Why listen to me? I bought my first 4 unit building in 1973. In 1979, being a computer programmer I wrote a Property Management system on a Radio Shack PC.
Two year later I wrote another one on a multi user system with a partner. That company still exists today and specializes in commercial property management.
In 2002 when QuickBooks announced their development program I quickly wrote a Property Management System http://www.MyProp.us connected to QuickBooks Desktop When I saw the way it was structured with Location that you could call properties and also still have classes, I thought this could really work for Property Management.
The program still needs more custom fields to store Tenant data and things like that but that will come. Hopefully I’ve convinced you to spend some time looking at the possibilities. It’s easy to use and will save you money in the future. Think of it no more IT guy to call when the system goes down. A resident manager can connect up and you’ll know instantly when a new Tenant move in, pays rent etc..
This book is not designed to teach you QBO. What it will teach you is how to use the online version to manage your properties efficiently. I will be going over some of the features I like along the way. You are required to have at least a working knowledge of QuickBooks Online to really get how this works. There are many online courses and tutorials on the net to do this. But give QBO a try; eventually you’ll really love it. Here’s a link to get started.
If you’ve used QuickBooks Desktop for any type of accounting, including Property Management, you know what classes are. It is a means to be able to distinguish data from one entity to the next for reporting purposes.
For Property Management purposes we want to be able to separate income and expenses by Building. In some states bookkeepers and Accountants require that you set up a separate QuickBooks Company for each building, especially for LLC’s. In that case you won’t need to separate your data as all reports for buildings, profit and balance sheet will
only have one buildings data.
But if you want to manage multiple properties using one QuickBooks Company you will need to use Locations rather than classes. The problem with using classes is that are entered on the detail section of a transaction, where location get entered on the header. A side benefit is you can change the name of location to Property which makes much more sense.
It’s possible that classes could be used to categorize expenses by unit. We tried that with www.MyProp.us but users made too many errors by forgetting to put the correct link in.
To see a complete explanation on why it’s better to use locations rather than classes for Property Management purposes click on the help section and enter Class’s vs. locations...
Th
