QB Issue Resolution:
“What is the best way to setup simple start”
By upgrading to Essentials. No, really. You cannot set up recurring auto-posting rent charges in Simple Start, a must for billing tenants. I prefer Plus with class tracking and for us (much much larger than 6) we track each property as a class and use P&L By CLass all the time.
So, with any QB for rentals you have the following Customer hierarchy.
Customer is the property
Customer:Customer is the actual apartment
Customer:Customer:Customer is the tenant
You can have additional levels if you have more than one building on a property or different portfolios (owners managed for) Total of 5 inclusive levels. DO NOT have the child customers bill with the parent since it for whatever reason prohibits producing a statement for the tenant alone
Create a beginning invoice for each tenant and memorize it. I suggest having it post 10 days prior to due date (usually 1st of month) so you can get it in their hands via snail mail in timely fashion.
Charge security deposits as paid on Sales Receipt rather than the first invoice. You can do it all with invoice but I find it easier to find it when it needs returned.
If you stick with Simple Start you can collect rent and post it as sales receipts and as invoices but only in Essentials and up can you avoid having to manually enter invoices each month. Is that time saved worth $20/month (retail difference) or the additional reporting, not to mention the ability to manage vendor billing which you cannot do in Simple Start – only you can decide that for yoruself.
Resolution for Issue 'What is the best way to setup simple start for rental property? I have 6 properties and need to be able to run reports on each and keep rent and expenses divided. With quicken home basic it was very easy because you could tag each property.' available: Yes (Solved).
Source: Intuit Community forum.
What is the best way to setup simple start for rental property? I have 6 properties and need to be able to run reports on each and keep rent and expenses divided. With quicken home basic it was very easy because you could tag each property.: 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 best way to setup simple start for rental property
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