Tag: property management

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

My Reports Don’t Look Right In QuickBooks Q&A

Posted on By Mike Butler

QUESTION from Sharon:

Hi Mike

I am the owner of your Investor Books PRO System software and have attended one of your seminars in KY a few years ago.  I did have a girl doing my books who is no longer helping me and I am STUCK!  I have a couple of questions that I can not seem to find the answer...

  1. How do I get an accurate report on what I actually took in on a property?  I can go to income by property report - and that's fine - but when I compare that to my the income detail report - the numbers don't match?  What I billed out isn't important - it is what I actually took in (by property) that I am looking for?
  2. Once I can get my hands on the real amount of money I took in for each property - how do I take that income and  put it into Investor books so that I can see what my real bottom line is - ie income vs expenses...

I would appreciate it if you could point me in the right direction....

Thank you
Sharon B.

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INVESTOR BOOKS, Troubleshoot