- Joined
- Oct 22, 2007
- Messages
- 6
I would like to set up the accounts so that I have each property's income and expenses delineated as per Revenue Canada's Income Tax requirements. Does anyone have experience with this?
Book keeping with Quick Books
- Thread starter Brigitte Jeske
- Start date
- Joined
- Oct 22, 2007
- Messages
- 2,803
I have each of my properties set up as a "Class" and each of my tenants set up as a "customer." This gives many possibilities for reporting.
When a sales receipt (rent) is entered, that rental income is categorized by both customer and property. And each expense is allocated by property. (I also have a class for "General" expenses, for things such as grass seed or printer ink or anything else that cannot be allocated to one specific property.)
You can then view a "P & L by class" which separates income and expenses by property.
I would highly recommend working with a bookkeeper experienced with investments, even if it is just to help you get things set up.
When a sales receipt (rent) is entered, that rental income is categorized by both customer and property. And each expense is allocated by property. (I also have a class for "General" expenses, for things such as grass seed or printer ink or anything else that cannot be allocated to one specific property.)
You can then view a "P & L by class" which separates income and expenses by property.
I would highly recommend working with a bookkeeper experienced with investments, even if it is just to help you get things set up.