Category: TENANT TRACKING

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

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INVESTOR BOOKS, Multiple Entities, TENANT TRACKING

Security Deposit Refund To Tenant After They Move Out

Posted on By wizard

Here is short 20 minute video showing you how to properly handle the final settlement when you have a tenant turnover. This example shows the tenant moving out is due a check from you because the damages from the move out inspection was only $200 and your tenant had an $800 security deposit.

23 min video

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HOW TO VIDEOS, TENANT TRACKING, Existing Tenants, Move Out

QuickBooks – Upgrading from version 2007 to QuickBooks Pro 2014

Posted on By wizard

QUESTION from Sue:

Hello Mike….

In 2008 we purchased Investor Books and Quick Books 7 from you and have enjoyed the benefits ever since!   Thank you!

Both our computers operate on Windows XP.   One computer died yesterday so now we have made a purchase of a new one which comes with windows XP.   We also bought Quickbooks 2014.   My question – will the Investor Books program we purchased so long ago work with WINDOWS 8 and Quickbooks 2014????   Fingers crossed.

thank you Mike………..

Sue McMorrow

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TENANT TRACKING, QB Upgrade

QuickBooks for Real Estate – Can You Write Off Tenant Balances Owed as a Loss?

Posted on By wizard

QUESTION:

Mike,

…first, thanks for the article on how to handle tenants who include you in their bankruptcy…

We manage and operate a commercial mixed use property with about 50 tenants.  Cash accounting is the method used.   When a tenant vacates prior to the expiration of the lease owing rent and costs for tenant damages, can we write off the loss for tax accounting purposes?

Thanks,
Simone

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TENANT TRACKING, Collections

QuickBooks For Real Estate – Repairs vs. Capitalized

Posted on By Mike Butler

QUESTION from Steve:

Hello Mike,

I understand your reply of repair versus capital expense so my question must not have been clear…

When I buy a house to resell that will need some repairs, these repairs are a capital expense as the property is not in “service”.

To properly see my cash flow in Investor Books PRO when I do a report, I put these fix up costs as an expense (initially).   I do this under “repairs and maintenance”

The fix ups will eventually be transferred and re-characterized as a capital expense at a later date thus in the meantime allowing my cash flow report to provide useful information for me as an investor.

My question is when do I transfer this to the asset?

Thank you Mike,

Hope that is more clearer-er

Steve

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INVESTOR BOOKS, Capitalized, Repairs, TENANT TRACKING