would you like to see how a property management service company
would set up a file in quickbooks well then you need to watch this video set up a quickbooks file
for a property management service company
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
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it's very easy to set up a quickbooks file for a property management service company
some will be basic quickbooks setup steps to prepare a file the way you would for any company
but some steps will be specific to a property management company to give that type of company
exactly what they need during the setup each step has its own separate video in the basic tutorial
series if you want to know a little more about each step however we will only do the specific
steps in each case to prepare a file for our type of company meaning we will only show in
this video series exactly what steps to take to set up a file for property management services
so what are the first two steps in setting up a quickbooks company file for a property
management company well first you have to physically create the file in the way the
property management service company needs then you will have to set the preferences in the file
that will help the property management service company record transactions in the unique way
that they need to and you may well ask what is a property management company file well very simply
put it's a data file in the computer represented by an icon just like a microsoft word document
file or an excel file or any other file you can copy to a usb stick or send as an email attachment
all of your financial information is in that one file represented by that one icon
so make sure you keep it safe and make sure it can be easily copied to anywhere after we
create it so when you set up the file just answer the same questions that quickbooks is asking us
in the way that we answer it and your file will be created properly just follow step by step and do
exactly as i show so very simple in the top left of your quickbooks even if you have a company open
it won't matter there will always be in the top left a file menu where you can click new company
now you want to choose for myself and then click start setup and of course if you have
an older version or a newer version it might look slightly different but the idea will be the same
now you might be able to get away with clicking sign in later and if you you can't see this but
if you click sign in later you can go down and click two days and it'll remind you in
two days but it won't force you to sign in right away now our example company name will be pamela
property manage meant co and of course we would put in the address the name and the phone number
and so on in a real situation but the only two mandatory fields or third field that you must
put is click industry help me choose scroll all the way down and click other none this is because
none of these general ledger or chart of account options fit for a management service company
so we choose other none and in the next video we'll put it together ourselves we should also for
business type click help me choose and click other none and click ok that's because every company has
a different equity structure and your accountant will help you determine that now email address
you can just put as long as you put something quickbooks will allow you to save the file
now of course in a real situation you would fill in the rest of the
address information and business information but we're going to leave it blank for now so i
can show you the way to go back to it and put it in or change it after the file is created
click now do not click create company what you have to do is click preview settings preview your
settings you see you must preview your settings in order to be able you must preview your settings
in order to be able to determine where the computer physically creates and places the file
meaning the location of the file and so forth meaning what folder it will belong to
so we will click preview your settings and we will click company file location
click change location and in our example choose the desktop if you have a specific folder in
mind that's fine but i like to choose the desktop and click ok and now i know after i click create
company that folder with this name or excuse me that quickbooks file with this name will be
on the desktop click create company when it's done you can minimize and check your desktop to make
sure the icon for the file that you just created is right there exactly the location you chose
when it's finished you can go ahead and click start working and you will see the rest of the
quickbooks file is ready you know you close some of the pop-up windows because they always
want to show you the new features and so on but you should see pamela's name across the top
and you should be able to minimize this and find the file on your desktop so what's the second step
well we want to be able to go back and change the address that we failed to put in during the setup
so let's put in 6161 southwoods road huntington 11995. how do you do that well you do that by
going to the my company window see my company window watch company my company and in the my
company window you can click the pencil tool and you will have the ability to put in the address
it's not a real address click ok
uh click no and there you have it you were able to and then you can click this and change it
any time you want if the company moves that was the reason i skipped over it during the physical
file setup now the next step we will do is set the preferences in this file and you may well
ask what are preferences the preferences are the settings the defaults the options in other words
it's the automatic behavior of the software until you come and change the behavior yourself it'll
also determine what features are available that you can actually activate and add to the software
from the preferences window now let's take a look at how to navigate the preferences window
from the top left we click edit preferences you notice on the left there are different categories
of preferences that you can click and you'll also notice that each category of preference
has a company preference tab and a my preference tab and that's how you would navigate that window
and now we will set the specific preferences that a property management company a service
company that gives service to landlords would need when setting the preferences first we want
to turn off all the annoying pop-up messages for quickbooks paid services we don't need those
so we will click accounting on top then click company preferences actually excuse me we will
click general we click the general category then in the general category we click my preferences
and we click this check mark turn off pop-up messages for products and services and click ok
now we have to reopen the window for the next preference now turn off date warning
so we can put whatever date we want without being distracted so we can come to the accounting
category of preference click company preference and click here to remove these two check marks
this way if we're putting in example transactions we won't get annoying pop-up messages that will
distract us click ok now we're going to change the payment settings so we're able to record
direct deposits from both landlord and their tenants so how do we do that it's very simple
click edit preferences go to the category of payments and then click the company preference tab
remove the check mark that says use undeposited funds as a default deposit to account and click ok
ok then click ok and everything closes and you're ready for the next one
we want to auto refresh reports this means if a report is open and we make a transaction
we want the report to change immediately so we click the category of reports and graphs
and click refresh automatically and click ok and the last preference we will set
is don't save the open windows because that slows down quickbooks when you're trying to quit edit
preferences desktop view is the category remove show the home page so you don't get distracted
by the home page because we will not be using the home page as a property management service company
instead click the company preference oh excuse me and then sorry stay on the my preference and click
don't save the desktop these two options will make things go much quicker if you specifically
use quickbooks for a property management company click ok and then you are finished now you're
ready for the next video which will show you the final steps of the property management file setup
you