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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)?
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
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Here are some questions from Bill about getting started. Bill wrote, I need training specifically on Tenant Tracking as follows:
- How do I change the memorized transactions to change things like new tenant name, rent rate other variable? - you must create a new transaction..then memorize it
- How do I use the vendors set up in QuickBooks for paying bills in Tenant Tracking?
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- How to Install Older Versions of Investor Books and Tenant Tracking into Newer Version of QuickBooks Pro Desktop for PCs
- VENDORS – How to Put All Notes on a Page in Chronological Order
- How to Enter Home Depot Invoice
- IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts by Mike Grinnan CPA
- Escrowed Funds Refund Overpayment on Reserves Held by Lender
- ARMs – Adjustable Rate Mortgages from A to Z
- So Your Computer Blew Up – You Get a New One and Nothing Works – HELP!
- How to Enter Cash Purchase using a silent Private Lender
- QuickBooks How To Enter Hud 1 When Buying With Cash
- How to Properly Enter Buying Real Estate with Seller Financing
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