welcome to this video learning series right here on youtube quickbooks online for landlords
this playlist will give all landlords everything they need when using quickbooks online
this is the first in the video playlist and we will learn in
this video what rental property owners need when keeping records using quickbooks online
if you have any questions about this topic you can leave them in the comments section below
and i'll do my best to help you and of course if you feel the video helped you
i hope you will click like and don't forget to subscribe to get updates on new videos
that come out all the time this playlist is a video series that will give everything a landlord
or rental property owner or property manager everything they may need when keeping financial
real estate records using quickbooks online you can follow the videos in order of this playlist
step by step and then you will be an expert by the time you finish you can purchase the whole
course and own the videos forever and get good service for support with your property records
by going to the website quickbooksforlandlords.net now what is this particular video well
this video that you're watching now is an overview of what unique challenges there are when keeping
financial records of real estate property and rentals as compared to the way a normal company
would use quickbooks online you will get advice on how to get the quickbooks online software for free
and we will discuss preparing how you can use the rest of the videos in this playlist
so you can master and use quickbooks online for your rental property management
what records do landlords need to keep that most other companies do not need to keep
well we must record rent payments from tenants that pay for future time staying in the rental
unit therefore we must receive these payments before we earn them they must be recorded as
unearned income at the moment we receive the tenant's money we must change the category
of the tenants payments we received from unearned income to earned income
as the tenant continues to stay in the rental unit over time we must give a rent receipt to a tenant
that will acknowledge the tenants payment we must keep records of the tenants security
deposit balances and keep them separate from the tenants records of the normal rent balances
we must apply the deposits to expenses that the tenant causes and we must give
the tenant a paid receipt for those applied security deposit expenses we must issue a
refund check for the remaining unused security deposit and a refund check for any unused rent
we must be able to track income and expense by apartment and if you flip property
you must be able to verify mortgage calculations for interest and principal amounts
you must categorize each mortgage payment between interest principal and escrow amounts and you
must track cost of upgrades to the property separately from the normal monthly expenses
you must calculate and record the profit and loss from the sale of the flipped property and you have
to manage and track progress on lease contracts and keep separate records of those as well
there are a variety of other tenant transactions for the many different arrangements that one could
have with the tenants and we will have a video for the most common ones so that we can be prepared
for almost any situation while keeping records as a landlord using quickbooks online
i always try to help my students get the quickbooks online software for free
when learning a video course in quickbooks online that's why the first three videos that
follow in this playlist are from the other quickbooks online courses
so please be patient and flexible they will still show you options on how to create a free account
so that you can use the free account for your education when studying quickbooks online
the next video that immediately follows this one will show you how to sign up for free for
the accountants edition of quickbooks online the video after that one will show you how you can
join with the quickbooks online plus version and get a 30-day free trial if that's how you would
like to do this course and the third video that follows this one will help you prepare
for sudden unexpected changes to your quickbooks online software that happen all the time i wish
you good luck in your studies and of course you can always ask me a question in the
comment section below and i hope you enjoy the course and i know you will learn well