QB Issue Resolution:
Recording rental income is quite simple. You can set up the room as sub-customers, then, create the right accounts and items for the property.
Here’s what we recommend:
Set up the property owners as customers, then the room and tenants as sub-customers. Here’s an example:
- Create a new customer and name it Customer (The property)
- Create a sub-customer and name it Customer:Customer (The Room)
- Finally, set up the sub-customer as Customer:Customer:Customer (The tenant)
Once done, create the service item by following these steps:
- Click the Gear icon located in the upper right-hand corner.
- Under Lists, click Products and Services.
- Click New and select Service as the type.
- Enter the Name, Category, and Sales information.
- Choose the income account from the drop-down menu. If you’re not sure what income account it should be, please consult your accountant to make sure it’s accurate.
- Click Save and Close.
Then, you can start recording the invoices, receive payments and deposits for the rent. When the payment shows up in the banking section, you can just match them. Please see this article: Add and match downloaded banking transactions.
Resolution for Issue 'How can i account income for rent of a room' available: Yes (Solved).
Source: Intuit Community forum.
How can i account income for rent of a room: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for account income
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Error Recovery for account income [Canada]
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