how can you be sure that you have mastered all the skills and knowledge you need to be able to keep
books and records of a property management company when using quickbooks desktop well the best way to
do that would be to participate in this video fixing mistakes and practice transactions
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
you will see how easy this is most of what we spent time on were set up steps
once it's set up quickbooks desktop is so super easy to use for a property management company
management companies have very few transactions for each individual tenant or landlord for each
particular month and the transactions are so easy to record and find and fix as you are about to see
but before we practice let's learn how to find and fix any mistake in quickbooks desktop
you can change anything you entered you can reopen any transaction from any of the reports and change
whatever you want the results in the reports will change immediately let's take a look if
we come right now to what the trial balance looks like you know you can reopen it from the icon bar
you see that these are the only two numbers but if you double click on the balance
of any account in the trial balance you will get a detail you will get a list of every transaction
that has been recorded into that account so if i double click management fees income i will get
these four invoices because these are the four invoices that we sent to the clients
in regard to earning income for the month and if we double click on any one of them you can see we
go right back to the invoice itself so that's true for any transaction that you open from the trial
balance and once the window is open you can change anything you want and if i were to change 400
to 4 million and push tab to save the field you will see that when i save this window i will go
back to the trial balance and have crazy numbers save and close click yes and now when we close
this and go back to the trial balance you see giant crazy numbers because these are the accounts
that were affected by recording that invoice you can always oh by the way you can see that same
problem in voice by opening up the landlord payout balance report you can see that no
matter what report you open as long as that transaction affected that report you will be
able to see it and you'll be able to double click reopen it and change it back to the way it was
click save and close and click yes and here we are the numbers in both reports have fixed themselves
unfortunately there might be times where quickbooks does not allow you to change
a transaction in order to fix it in cases like that you must delete the transaction
when you delete a transaction it will disappear from the journal the transaction number in the
journal will never be used again any transaction that's not in the journal will always show on
the voided deleted transaction report so let's delete the last transaction from the journal
and see what happens if you remember the journal is the only report that shows
every single transaction that you ever recorded into quickbooks from the beginning of the file
and it shows it in order entered you can see that your teacher mark deleted transaction number 54
55 and 56 and that's because you can see that the transaction numbers are in consecutive order and
there's this giant gap between transaction number 53 and transaction number 57 the 53rd transaction
that was recorded in this file and the 57th that's because i experiment as i make these videos
but you can click reports accountant and taxes and go to voided deleted transaction detail and
you will and push a for all and you will see every transaction that has been deleted and you will see
the missing transaction numbers now it doesn't it you know doesn't list the transaction number here
but you can see that it's in order well let's take a look at what happens if we delete
this last check that we recorded for 5700 to dave deeney it was transaction number 57 and of course
this was the date and time that i your teacher physically entered the transaction
and this was the date of the transaction so we double click and you see here's the check
the money came from chase bank account to already paid
fifty seven hundred dollars on july thirty first to dave deeney now look what happens when we
click delete it says hey are you absolutely sure you want to delete this when we click ok
you can see that we're back down to number 53 so i deleted number 57 and if you look at the
reports accountant and taxes voided deleted transaction detail and push a for all a for all
this report is in transaction order in other words all the checks are listed first the
checks that you deleted then the uh after the checks the deposits that you deleted then the
invoices that you deleted and so on so we're up by check and look for the 5700 check just go slowly
we're still in the rare it is so here it is the 50 it was deleted at this on this date
at this time etc etc etc and that's the information about the check that i just
deleted so now let's reenter it to fix everything check january 31st
the check was to dave deeney only dave deeney and uh the account
was already paid and again you have to put dave deeney twice just to be on the safe side
and this was the check this was dave's payout it was the last one for 5700
and you will see all the numbers will actually before we save it you see how screwed up your
trial balance is as soon as we click save and close now the trial balance is back to the
way it should be but before we begin i'd like to mention one more note something not to worry about
we do not need to apply payments to invoices if we're using quickbooks for a property management
service company it's an idea that you can learn about later if you want and i do have other
videos and other tutorials right here on this very website that can explain to you about that idea
and if you learned about that idea you would see it's not relevant for what we are doing
in a property management company it's not relevant with the procedures that we are using in this case
and if you follow the procedures exactly it will be easy and smooth and your reports will give you
everything you need for future payments don't worry about how quickbooks applies the payments
to the invoices it will not affect anything we will do here in a property management company
so when you receive payments ignore the check marks at the bottom of the window now what do
i mean well when we begin the exercise the first transaction will be a payment
from betty boop and if you put in the money amount here and push the tab key you will notice that
check marks appear at the bottom of the window and you also get another message when you save it
don't worry about that it's not relevant just record the transactions as you see them
and don't worry about any message about applying credits or anything else
now you're ready for the practice set this is what the trial balance looks like right now
before you record transactions in the exercise and here are the february
transactions you should record them exactly the way we recorded them during the course
and you can pause this video at any moment so that you can isolate and clearly read any transaction
and be able to slowly record it if you forget how to record any particular transaction all you have
to do is go back to the specific video where that transaction was taught and watch it again
and then enter these transactions exactly the way those were entered and here are the rest
of the february transactions you will notice that they are the same types of transactions
for the same amounts every month at least most of them anyway that's what makes recording
transactions for a property management service company so easy when using quickbooks desktop
and here is the final trial balance after recording all the transactions in the exercise
make sure your numbers are the same as mine when you finish if they are not then you have to use
the techniques that we learned in this video to find and fix your mistakes so that when you finish
your numbers are the same as this trial balance you should also check the landlord's payout report
after the practice set what you see here is alan's information during the month of february
2022 and it lists every transaction that you should have recorded for alan during this exercise
now just as a reminder when you open the landlord payout balances
you must always set the date the from date is the beginning of the month you are isolating
and the to date is the end of the month you are isolating and then click refresh then you'll be
able to see exactly what happened during a specific month and every transaction is
explained and every change to the balance is explained right here in this report so if you
have different numbers it means you did something differently from the way the prior videos show
here's dave deeney's result for the end of february and these are reports that you could
print and send or export and send by email to your landlord clients that explains every change to
their balance and every transaction that related to any of their tenants congratulations you
finished the main part of the course stick around for the future videos where we will learn how to
manage both the tenants security deposit and the landlord's security deposit congratulations again
you