Can I Use QuickBooks Online For Property Management

If you have a property and thinking that only taking monthly house rent is enough to control, then you are wrong; you need to collect all money-related details of the property, like earnings, spending, repair costs, and taxes paid. Without proper software, you cannot keep all details in a systematic order. Now days QuickBooks Online Property Management is used by most people to collect all their property details properly and systematically. Help in easily collecting all your financial data. You can save your time using this tool as it automatically creates the monthly rent collection detail report and a proper money report, which helps in creating a proper tax report. It will reduce the handwritten work and errors also.

In this blog, you came to know bout QuickBooks Online For Property Management, why you should choose QuickBooks, how to set up, tracking of payment, problems faced, and how to solve them.

Information About QuickBooks

QuickBooks is a Powerful software tool that helps small and large Company to solve their Company problem. QuickBooks can help you solve company problems related to installation, setup, troubleshooting, and important problems related to the Company.  QB helps to manage their money transaction records so that they can have a proper view of financial use in the company.

QuickBooks does a very important job for both small and large companies, which is known as accounting. Accounting is the most important aspect of every company, as it involves Recording, summarizing, analyzing, and reporting.

QuickBooks online is a best accounting software which is fully online-based. Full details can be viewed using the internet without any specific app or software. Data are fully secure.

Why should I use QuickBooks Online for Property Management?

QuickBooks online software provides a feature for proper management of property details. This makes it easy for the owner to have a proper look over their property. It mainly helps in. 

1. A proper idea of the rent collected.
2. Use of money for repair, insurance, and taxes.
3. It will automatically create the payment bill and send the remainder for the bill payment.
4. Help in keeping a record of the transfer of money between the landlord and the other person for the development or paying taxes on the property.
5. When you get the rent, you will get a Notification.

How to Enable QuickBooks Online For Property Management?

QuickBooks Online for Property Management is a good tool for the proper management of property tension-free. You can set up the software easily by following some steps:

1. First, log in to your QuickBooks account.
2. Select the Add Customer option that is present. 
3. Put the client details in the given spreadsheet.
4. After that, you can go to the chart option, which is present in your account then add a new account.
5.  Then you have to create a service.
6. After that, click on the invoice option that is present in the side menu.
7. Then, on the right side, click on the product and service option.
8. After that, click on a new option.
9. Enter the service name.
10. Finally, click the save button.
11. After clicking the save button, you can create the invoice and receive payment.

How I Track My Payment In QuickBooks

You can track the payments that you receive from the renters in QuickBooks by following some steps:

1. Create a new debt account and add the name of the rentor.
2. Choose the account where payment is actually deposited. 
3. After that, check for the deposit against the record.
4. Then go and check the security deposit option.

What are the problems faced during QuickBooks Online for Property Management?

Controlling the property management using QuickBooks is not so easy; it’s complex when you are collecting so much rental income.

1. The property head has to collect the rental income, late fees deposit. It becomes very difficult for them to keep their income and tell it correctly.
2. Sometimes manager records the security deposit as income wrongly. This creates a problem in the later period.
3. Paying for the cleaning, construction without any proper records creates problems like double payment.
4. It is important to keep proper records; otherwise, it is difficult to know which is giving profit, and which is giving more loss.
5. If the data is not properly collected, it creates a problem in the tax calculation process.

How does QuickBooks solve the issue that is faced during Property Management?

During the management of the property faces many issues but they can be solved by:

1. QuickBooks can send a reminder for the payment of the bill and track those who are paying the rent late.
2. Give proper money usage details in a balance sheet to understand the financial condition.
3. It gives an alert for important dates like insurance over, tax payment date, and other bills to stop paying fines.
4. Join with other property payment tools to make it simpler and accurate.
5. When someone pays a bill, it will automatically be collected and update the record of person.

Some of the Important Doubt(FAQ)

Can I believe in QuickBooks Online for Property Management?

Yes, QuickBooks Online is the best tool for Property Management. It helps in keeping a record of the financial details, amount used, and insurance history to create a proper tax detail to prevent a fine for taxation.

Did multiple properties get tracked using QuickBooks?

Yes, multiple companies can be tracked under QuickBooks only if you have proper details of the company’s location.

Which QuickBooks version should be used by property owners?

Our accounting software for property rent collection is the best software that can be used by owners of properties and different agents to get the payment information properly.

Important Thought

After reading this blog, we can understand that QuickBooks is really helpful for property management to get proper details about the amount received, money paid for the development, properties that are going on a loss, proper rent collection details, insurance details, which help in the payment of tax on time.

To read more free articles ( Click Here )