Category: Multiple Entities

QuickBooks Q & A – Real Estate – 3 companies, Invoices, Receipts, Tenants, Deposit

Posted on By Mike Butler

QUESTION from William:

Hello Mike,

My name is William and I am Jim’s bookkeeper since February. Since that time, I have updated the QuickBooks company files for his three companies and have been processing invoice payments through the QB accounts payable system and maintaining the cash balances, but we have some catching up to do on the accounts receivable side. I have several months worth of invoices to post and receipts to receive against these invoices (right now the receipts are just booked as deposits hitting Cash and Rental Income, A/R account is not being used yet). With regards to QuickBooks Pro, should I enter the invoices for the tenants using QuickBooks and process the payments using the normal A/R process, or do I need to enter the invoices using QuickBooks Pro (basically a chicken or the egg question, does QB feed from QB Pro or visa versa)?

Thank you,
William
-Pennsylvania

Please login to view more of this post
INVESTOR BOOKS, Multiple Entities, TENANT TRACKING

QuickBooks Real Estate Video – How To Create Balance Sheets for Entities

Posted on By Mike Butler

8 minute On Demand Video shows you how to create Balance Sheets for multiple entities

QUESTION from Darren:

Thanks Mike!

I have a couple of follow up questions. For the LLC, single or multiple, are we suppose to classify every item regardless whether it is a income statement item or a balance sheet item?

Also, can I run a balance sheet just for LLC #1 that will not show LLC #2 balance sheet items? This is where my issue comes in, as my balance sheet is not in balance when I run a report just for LLC #1.

Darren
Joe’s partner

Please login to view more of this post
HOW TO VIDEOS, INVESTOR BOOKS, Multiple Entities

QuickBooks For Real Estate – Setting Up Multiple Entities

Posted on By Mike Butler

QUESTION from Steve:

Hello Mike,

Would you please give me some guidance.

To make sure I am of the correct mindset in reading the Investorbooks manual … on page 86 you mention if we are using single member LLC’s (which are a pass through entity as fax as the tax prep) we set them up on one set of Books … then does that mean that if we are not using single member LLC’s and instead have a Corp that files its own return and a Multi-member LLC(s) that files its own 1065 that these will each have their own set of Investorbooks?

And … if the Corp is on a fiscal year versus Calendar year end for taxes, does that make a difference as the way we would log the Fixed assets may be better using Fiscal Year versus Calendar year which may cause havoc with the other entities.

Thank you Mike,
Steve

Please login to view more of this post
INVESTOR BOOKS, Multiple Entities