Question:
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
ANSWER:
William, got your question...
first of all, you are making it way more complicated than needed.
(many old school accountants and CPAs have a hard time using QuickBooks
because they can not grasp that one company file can handle many companies)
This system uses 2 Company files
The first company "Investor Books" is used for everything each company owns (assets) and everything each company owes (liabilities)
Assuming all of your companies are real estate companies, all of these separate companies can
