This 6 minute ODV shows you in simple, step by step with handholding, how to properly enter a Bad Check from a Tenant or customer.TIP: Do NOT Delete the Deposit You Previously Made of the Bad Check that has been returned to you...
How to Enter a New Tenant in QuickBooks Pro using your Tenant Tracking Company fileThis video shows you how to enter a Brand New Tenant (or Loan Customer) into Tenant Tracking, your complete property management tool and software.
Remember to view large format, click the lower right corner. Use the pause and rewind button
...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?
Great question Simone and you get a simple answer.
If you really are using true "Cash Method" of accounting, (reporting income as you get it, not as it is owed to you)
you have no losses to write off.
Are you using the Investor Books Pro System with Tenant Tracking? This solves it all for you.
- the question you asked involves the "Accrual Method" of accounting where you report what is owed you as income, (simple version)
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 thats fine - but when I compare that to my the income detail report - the numbers dont match? What I billed out isnt 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....
Don't feel alone on this Sharon. Many investors have tried to simply "delegate" to another without having a good understanding of the basic fundamentals. As investors, we all have the huge handicap of being impulsive and wanting results now.
When training investors across the nation, you would be very surprised at how few investors actually read "instructions." (me included).
Let's start from the beginning, in reviewing your file, it appears Susan was the person in charge of your Investor Books Pro System with Tenant Tracking.
Based on your question and email here, I am going to assume she tried to do everything in Tenant Tracking.
If this is the case, You can not produce any reports in Investor Books Pro.
When using Investor Books Pro System properly, Tenant Tracking is your property management and loan customer tracking system. The end result from Tenant Tracking is a "Stamped Deposit Slip" from your bank.
At that time, you will enter your "already deposited into your bank account" deposit into Investor Books Pro company.
This allows for True Blue Cash Method of Accounting reporting income "as you receive it" and not as "they owe me."
Take a Look at the "Why 2 Company Files ODV" and this should clear it up.
Sharon, if you have been using Investor Books and Tenant Tracking properly, you will simply click on your Reports Speed Button in Investor Books and you can select the reports for the year you want to see your results.