QB Issue Resolution:
You have two businesses, the owners and your prop management, therefore you should have two QBO subscriptions
The only hand in hand thing is that what happens in the prop management business feeds the owner account.
as property manager, you invoice the tenant for rent and receive the payment as a liability (you owe the owner)
then as property manager you send a check the owner
line one, the liability account, and the full amount of rent received
line two, your commission income account, and the amount of your fee as a negative number
(and keep in mind the requirement to 1099 the owner at year end for the full amount of the rent collected)
then in the owner books
create a sales receipt
line one, rental income service item, full amount of rent
line two, management fee expense item, fee expene amount as a negative number
then deposit the funds.
IRS Pub 583, Page 5 – must keep separate books per company
Resolution for Issue 'Set up Chart of Accounts for Property Management in QuickBooks Online.' available: Yes (Solved).
Source: Intuit Community forum.
Set up Chart of Accounts for Property Management in QuickBooks Online.: 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 Company
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