I currently have QB 2002. I am brand new to QB. How do I start?
I don't have customers, I have several rental properties in other states. I own a LLC Real Estate company. Should I track the rental investments through the LLC or track it as personal investments? Is QB the right program for me to use?
I have several clients in the property management business and QB works very well for them. I do not know your personal tax situation but generally I recommend the use of an LLC for legal protection. You obviously set up the LLC so you could have pass through income with liability proteection for yourself personally. Not a bad beginning.
My clients set up accounts for Rental Income and withing those accounts they set up a Class for each property or unit they manage. All income is coded by class and likewise all applicable expenses by class too. This enables them to run an overall Profit and Loss as well as a P&L on individual properties.
