Property Management-Turning Rental Problems into Real Estate Profits

by | May 31, 2023


How do you account for your income? How do you account for your expenses?

The challenge comes in when you have multiple properties and you need a way to keep everything itemized by property, and you also need to have reporting because you don’t just own one or two properties now. Maybe you own ten properties. You need to know what your position is at any given moment. What is your spread between income and expenses?

Let’s assume you do buy QuickBooks. One of the best things you can do is, instead of trying to learn it on your own, which could take forever, is to hire a local bookkeeper who is very familiar with QuickBooks, have them come to your home or office, wherever you have it installed, have them help you set up the initial company on the books and show you how to make all of your basic entries for entering deposits, for paying bills, and for reporting which are the main functions of your accounting system. Your bookkeeping system is going to allow you to enter deposits, basically record income, record expenses, and actually report on those together and separately. So it’s very important you hire someone to show you how to set it up initially.

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