How to Setup QuickBooks Online for Landlords: Setup & Overview

Описание: Hello Landlords & Bookkeepers!

I'm Laurie Ellison from Hudson Valley Bookkeeping, Inc. We specialize in Real Estate Bookkeeping and QuickBooks consulting.
Look below at Time Stamps to see what this video is all about.

❕Book a Complimentary 15 minute Consultation with Laurie❕
Click the link to Schedule🔽
https://book.squareup.com/appointment...

Visit our website:
https://hvbookkeeping.com/real-estate...
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Complimentary Downloadable Resources for You!
⬇ ⬇ ⬇ ⬇ ⬇ ⬇ ⬇
✔Landlord Chart of Accounts:
https://mailchi.mp/0938282c29d3/gaghf...
✔CAM Spreadsheet/Reconciliation Workbook:
https://mailchi.mp/a858ecc728de/4gcq3...
✔Sample Property Management Statement:
https://mailchi.mp/f8938cb8a919/whj38...
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If you have any QUESTIONS please feel free to:
Email me at📩 : [email protected]


0:50 - Signing up for QBO
2:48 - QBO Set Up
5:34 - Build QuickBooks file with 3 tenants.
5:55 Set up income accounts and sub-income accounts
7:38 Set up tenants in QBO
11:00 Set up Rent Items linked to specific revenue accounts related to each apartment.
13:35 Creating Invoices - Memorizing invoices and automating invoicing
14:30 Credit Card Processing - QB payments
16:00 Upgrade to QuickBooks Essential if you want to automate invoicing!
17:00 Start Invoicing
20:38 Set up specific expense accounts per apartment or unit.
24:20 Setting up other expense accounts for your property.
24:50 Set up your bank account.
25:25 Connecting your bank account to QBO (Don't Do It)
27:20 Setting up security deposit accounts in the chart of accounts.
29:01 Security Deposit items - Creating security deposit items for invoicing and how to link them to specific apartments for easy tracking.
30:25 Learn how to create a security deposit invoice.
31:00 Tenant Descriptions
33:24 How to receive tenant payments in QuickBooks Online.
34:00 Understanding Undeposited Funds
35:00 Running a P&L to see income by apartment
35:30 Rent Roll on the P&L
37:00 Cash vs Accrual Reporting
37:30 Looking at the Balance Sheet (What are you looking at?)
37:50 Item Mistakes and how to fix them.
38:20 Balance Sheet FYI
38:50 Security Deposits on the Balance Sheet
39:00 Security Deposit Bank Account - Transferring money to the security account.
41:50 Refunding security deposits.
42:00 Tenant asks you to use their security for last month's rent.
42:40 Converting security deposits for last month's rent.
44:17 Refund tenant security less money for repairs.
49:17 Raising a tenant's rent so don't forget to raise their security.
50:00 Reviewing security deposits.
51:45 Transferring forfeited security deposits to the operating account.
56:00 Checking security deposits on the balance sheet.

Coaching With Laurie ⬇
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How the Coaching Work:
One hour and a maximum of two hours. ⏰
On Zoom. 💻
Recorded
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Scheduling:
If you are interested, please:
Email me at📩 : [email protected]
Call me at📱 : (914)294-2316
I like to speak before lesson.
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Topics Covered But Not Limited To:
Guided Setup for QBO File
Real Estate Chart of accounts
Dos and don’ts of QuickBooks.
Fix the Balance sheet.
Clean up duplicate accounts.
Learn how to post in your own QuickBooks & reconcile bank accounts + credit cards.
Posting a purchase or sale of a property & flip property
Post a refinance of a property loan & post your mortgage payment each month.
Reconcile your mortgage statement each month.
Creating a chart of accounts appropriate for rental properties.
Create income codes specific to your rental units so that you can run a rent roll P&L.
Learn how to automate rent invoices for your tenants & receive payments against rent invoices.
Track income and expenses specific to certain buildings or units.
Determine if you need to use class tracking.
How to give a partial security deposit refund to a tenant.
Fix security deposits in your QuickBooks.
Post property management statements in QuickBooks.
Reconcile property management escrow bank accounts.

Disclaimer: This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Hudson Valley Bookkeeping, Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Hudson Valley Bookkeeping, Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.