did you know that quickbooks is the best accounting software you can use
to run a property management service company
watch this video and the full video series and you will be able to use quickbooks to
keep books and records of a company that gives service to landlords for property management
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
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the time books is the best option for giving your landlord clients who are your customers
the service for managing their rental property for them it can do everything you need to keep
all necessary books and records of a service company that manages properties
for landlords so that they don't have to manage it themselves it's the easiest software to use
for property managing and it's the most affordable option and if that's not enough it's absolutely
the easiest to get help because it is the most common and popular accounting software
i will prove this to you in this mini series about quickbooks for property management companies
now you may well ask what do property management companies do well on behalf of their landlord
clients the first thing they do is pay expenses that relate to the property in order to run the
property and pay tenant related expenses in order to manage the tenant they then have to collect
the rent from the tenants and they have to remit or give back to the landlords a monthly deposit
for the difference between the rent they collected from the tenants and the property related expenses
they also deduct their own service fee from each monthly payout and
they have to give the landlord clients a clear statement explaining all of this
so what else does a property management company need to do
well we also have to collect a security deposit from each tenant upon moving in
we also have to apply the tenants deposit to any expense that the tenant may have caused
we have to give the tenant a statement explaining how their deposit was applied
and how much security deposit they will receive when they move out and of course they have to
track the total security deposits from tenants to one particular general ledger account
in quickbooks what else even further do property management companies have to do
well they have to collect a security deposit from each landlord client upon signing up
and that's a different security deposit from the one they collect from the tenant and they have to
keep those records separately they have to be able to apply the landlord's deposit to any expense the
landlord is responsible for we have to give the landlord a statement explaining how their deposit
was applied and how much security deposit they will receive when they stop using our company for
their management services we have to be able to track the total security deposits from landlords
into one particular general ledger account and that will be a different general ledger account
than the ledger account that tracks all of the tenants security deposits because those
two separate deposits are for two separate reasons and finally we have to be able to report financial
statements that show an accurate profit and loss for the management company for the fiscal period
from the same set of records that manage the tenants balance and the landlord's balance
so all these different sets of records will be in your quickbooks
and they will all match together if you follow the procedures carefully in this course
quickbooks is better for all of these things
the procedures i will show you will allow you to do all these things in quickbooks easily
just follow the playlist course step by step when you finish you will know that you can
easily manage all properties and keep appropriate records of a property management service company
patiently go through the setup in the following videos so that your quickbooks file will be
set up specifically for real estate management service i thank you for watching this video series
and i guarantee that if you do everything you see you will easily be able to use quickbooks
to keep books and records of your property management service company