- Joined
- Oct 22, 2007
- Messages
- 6
Does anybody use Quickbooks? I want to track each property individually for revenue and expenses as required by Revenue Canada Income Tax returns. Does anybody have suggestions for setting up accounts?
Book keeping program
- Thread starter Brigitte Jeske
- Start date
- Joined
- May 5, 2009
- Messages
- 200
Two things:
1) If you email the REIN office you should be able to get the latest quickbooks file that you can use as a template.
2) I noticed in your profile it says you live in the US. If this is true, you will have other considerations and it would be best to meet with an accountant who can set you up.
1) If you email the REIN office you should be able to get the latest quickbooks file that you can use as a template.
2) I noticed in your profile it says you live in the US. If this is true, you will have other considerations and it would be best to meet with an accountant who can set you up.
- Joined
- Aug 22, 2007
- Messages
- 2,005
A great place to start when setting it up is to look at the 'Required Line Items" that CRA needs from you every single year. They provide a very clear reporting document as well as instructions here: http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-e.html
The Actual reporting form is T776-12 T776 Form Called the "Statement of Real Estate Rentals".
Once you have these main accounts set up, then you can add sub-accounts that will allow you to analyze the performance on a monthly basis.
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The Actual reporting form is T776-12 T776 Form Called the "Statement of Real Estate Rentals".
Once you have these main accounts set up, then you can add sub-accounts that will allow you to analyze the performance on a monthly basis.
.