QB Issue Resolution:
You can actually consider both of your ideas. But I still recommend checking with your accountant which is the best option to consider. Nevertheless, I’d be glad to guide you on how to perform each option in your QuickBooks Online account
Here’s how to record your houses as a product:
- On the left panel, hover your mouse on Sales, and choose Product and Services.
- Click on New.
- Once done, you may select this item for your tenants.
If in case your accountant would advise you tracking your houses as divisions, you can utilize our Class or Location Tracking feature. Here’s how you can turn them on:
- Click on the Gear icon, click on Accounts and Settings.
- Click on Advanced.
- Under Categories, tick the Track Classes or Track Locations box.
Resolution for Issue 'I have an LLC for 3 rental houses with long-term tenants. I need to track rev/exp by property. Should I use classes, locations or projects? I’m using QBO plus Thanks!' available: Yes (Solved).
Source: Intuit Community forum.
I have an LLC for 3 rental houses with long-term tenants. I need to track rev/exp by property. Should I use classes, locations or projects? I’m using QBO plus Thanks!: 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.
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