Written by 6:46 pm

Managing Properties and Real Estate in Accounting Software

QuickBooks SupportCategory: TransactionsManaging Properties and Real Estate in Accounting Software
Property Manager asked 6 years ago

We are a fast-growing property manager based in Lagos with different properties under our care. We have over 30 properties in major locations of Lagos including Ikeja, Lekki, Ikoyi and Yaba. Our biggest accounting challenge is how to integrate all these properties into one platform, manage tenant’s details, rents and services charges.
Another part is how do we track transactions by property? Your detailed response will help us resolve our toughest challenges. Please drop your contact details in case we need to hire you for this job.

(Visited 1 times, 1 visits today)
1 Answers
BigResources Staff answered 6 years ago

Implementing QuickBooks for property managers isn’t difficult. from our experience, the major work lies on your desk as most of the property managers do not have an effective or accurate record of their tenant’s transactions, not to mention service charges and repair expenses.
QuickBooks functionalities are simple but robust in the sense that, you can customize it to suit any line of business, as long as they earn and spend money. For a property manager, you can explore the clients/customer centres to add your properties in each of the locations and use the job to add tenants occupying them, this will help you monitor the rental payment of each properties using profit or loss by job while tracking the individual balances or outstanding figure of tenants. On expenses too, you can record expenses; repair, maintenance, renovation, etc and map it to a particular property type. doing this will help you generate the financial report of each property for comparison.
If each of these properties are owned by Landlord, you would have to add payable accounts to track the amount due to these landlords from the rents paid the by tenant. This will help you view a report on the transactions between your real estate company and each of the properties owner.
I believe you found this helpful?

(Visited 1 times, 1 visits today)
Last modified: May 25, 2018