I set up Quickbooks for my property mgt company as described by Quickbooks online: tenants as customers, owners as vendors, etc...
I broke down a main Bank account into subaccounts(Banks) for each property. I've found that it is impossible to write a check to a vendor, like PG&E, from more than one property's subaccount(Bank). As a result, if I must pay 6 PG&E bills for 6 different properties, I must write 6 different checks!
Does anyone know a better way? Any suggestions are greatly appreciated!
You don't need your checkbook broken into subaccounts. You need to turn on class tracking and assign a class to each property. You assign a class to each income and expense item you record. If you pay one check to the electric company, you can split it at the bottom into 6 lines with one line for each class (property) all expensed to Utilities expense. The rental income would also be assigned to it's proper class. You can then get a Profit & Loss By Class Report showing how each property is doing.
