welcome to the last part of the property management service company setup the most
important result of all your accounting work will be the property management reports and statements
if you have any questions about this topic you can leave them in the comments section below and
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what information is on property management reports well a property management company is a typical
company so of course you will have the typical accounting reports such as the profit and loss
and the trial balance but property management companies need another report a report that shows
how much each landlord client will receive at the end of the month that's the most important report
that report should show first how much you collected from each client it should show how
much you are withholding from the client's payout for expenses that you paid on behalf of the client
and it should show how much you withheld from the client's payout for the management service fees
that you charge them the net that you owe for each tenant's collections
and the total you owe to that landlord for the month should also be summarized clearly
on that main report how are we going to set that up well first we'll set up the general reports
and you will see basic report customization and we will save the reports in the icon bar
which means you'll get a little crash course in managing the icon bar the reports we use
and we modify and memorize are the trial balance the journal and the customer balance detail
so let's set those up first or at least let's set up these first two because these
first two we would set up for any company because their general financial information
if we are going to use the icon bar for shortcuts for our reports and transactions
it's better to move the icon bar to the top click view and click top icon bar
now you notice that all these little shortcuts are things that we have not used and might not use
such as the statement writer or any other kind of feature that they put up as shortcuts
so what we will do is customize the icon bar and remove the shortcuts that we don't need and put up
the shortcuts that we do need view customize icon bar now you have the customize icon bar window
click here and notice these choices here correspond to each icon if you click delete
delete delete delete delete you will see that they will all disappear if you click keep clicking
delete you must click ok because if you click cancel they'll come back view customize icon bar
and after you made the change to the icon bar you must click ok because if you click cancel it won't
save the changes to the icon bar now we'll open up the main financial report
reports accountant and taxes trial balance now the trial balance is the main report because it shows
the results of all accounts all accumulated totals of all accounts in the chart of accounts but we
don't want to limit it to one month we're going to modify this report by clicking the date pull down
and scrolling all the way up to the very top option click all we want our trial balance to
show the results of all transactions regardless of date and we want the text to be a little bigger
so we click the customize report button in the top left then you can click header footer and you can
actually excuse me fonts and numbers change font and then change it to 12 and click ok
yes click ok in the main modify window now you'll be able to see you might even want
to stretch this column a little bigger now we're able to see everything much better
and now that the report looks the way we need it to look with the right date
and the right size letters we will save it to the icon bar very simple click view and the active
window will show up in this choice list add trial balance to the icon bar click it and then click ok
we can close the trial balance now notice it's asking should we memorize this report the answer
is no we click here and click no now if we click right on the icon bar you see it opens exactly the
way we left it off if we go all the way back to the main menu and start from the beginning
it opens the way it looked originally so it's nicer to memorize it and save it in the icon bar
so we don't have to change the customization each time now let's open up the journal reports
accountant and taxes journal click ok now again we want to see the results of all transactions
regardless of date however the journal we're going to modify differently the journal is a list of
every transaction that was ever recorded in the file and it makes it very easy to find everything
however these are not the columns we want we want to remove the columns that we don't need
and we want to put the columns that we do need click customize report and in the display
tab this is what we do click here to add a column entered last modified click ok and now
you can see that in addition to the date of the transaction we now have a column that will show us
the date that it was entered or last modified and that will be very very helpful when we're
finding and fixing mistakes we can get rid of a column by moving to the three dots to the right
until the mouse becomes across click drag over the column to the left and that column will disappear
we can make a column bigger by moving the mouse to the three dots until it becomes
an x click and drag to the right it will become bigger account name click and drag to the right
memo click and drag to the right you can even increase this with now i don't want a debit and
credit column i want one column for amount so i click customize icon bar scroll down
remove where it's remove the check mark next to debit and credit just by clicking
and then click amount so that debit and credit are replaced by amount
and this is the best way to have your journal look before you start searching for transactions
whenever you need to find and fix mistakes click view and then click add
journal to the icon bar and click ok now we have our two main financial reports
and if we open them from the icon bar they look the way they look when we memorize them
but if you start fresh from the main menu they'll look the way they looked originally
so now you can see the basic ideas behind customizing reports and you can see the basic
ideas behind customizing the uh icon bar but the main and most important report that we use
is the customer balance detail the customer balance detail is the main report that we use
and we will modify it and customize it so that the title reads landlord payout balance
we will see how to customize the report title and change the text in the icon bar
and i have other tutorials that go a little deeper into report customization
and go a little deeper into learning how to manage the icon bar but you can see you
really don't need it those are two very simple and intuitive ideas and you can explore and experiment
with customize icon bar later if you want to get more fancy but right now again we want to call it
the landlord payout balance report so how do we do that from the main menu we click reports customers
and receivables customer balance detail now i like to make the account column a little wider
and you'll see why that's helpful later but to customize this report we go to the top left and
we click customize report click the header footer tab and change the report title to landlord
payout
balances and then we click ok so now the title more clearly explains how
our company is going to use it and the last change we will make
we will add the memo field which you will see later is the most important field we click
customize report and make sure the display uh tab is selected and scroll down to where it says memo
click ok make sure the memo field is wide enough by moving the mouse to the three dots
to the right of the word memo and click and drag maybe a little more and now that the report looks
the way we need it to look we will click view add customer balance detail to the icon bar
now if you want the text of the icon bar to be the same as the text in the title
you can click where it says label and type in the same words
after you click ok now you have the three most common reports and the most important report
in the icon bar and finally to save time let's add the three more windows that we will use the
most often as a property management company the create invoice window the right checks window
and the receive payment window from the main menu click view customize icon bar now let's add three
separators between the three important reports and the three most important transaction windows
add separator add separator add separator and click ok now let's add the invoice window click
customers create invoice and at the moment the invoice is the active window click view
add create invoice to the icon bar and click ok now let's add the checks window click banking
write a check at the moment that's the active window click view add right checks to the icon
bar and click ok and lastly let's add the receive payment window click customers receive payment
and then we click view add receive payments to the icon bar and click ok now we have the three
most important reports and the three most common transactions and ninety percent of your activities
in a property management service company when recording everything in quickbooks
will be with these six icons very simple congratulations you're all
set up and ready to make your first transaction which will be shown in the very next video
you