Day: April 24, 2020

QuickBooks for Property Management: Managing New and Exiting Tenants

As landlords, you are all familiar with the revolving door of tenants, the struggle of filling vacancies, and getting an empty unit “rent ready”. Aside from that there is exiting tenants and performing the walkout with them; assessing the state of the unit before handling the security deposit. What does this have to do with bookkeeping? When you use QuickBooks Desktop to manage your rental business, you are managing the tenants information as well as it pertains to you. Charges for their rent, payments received, any damages charged to them during and after their time with you, and finally the possible return of any part of their security deposit. I am going to tell you a little about what QuickBooks Desktop can do for you in this area, but not too much 😉 Handling a new tenant, in terms of bookkeeping, is a very quick task. This step you will do after they have been onboarded. I talk about that here. After he or she is onboarded you will enter their information into QuickBooks Desktop as outlined in my post on setting up tenants. The following steps take place after you have your tenants set up in QuickBooks as outlined