What do rental property owners really need from their accounting software?
Written by: Mark Smolen
Why is bookkeeping for landlords different from bookkeeping of any other company?
This is the question that often makes many rental property owners frustrated and confused when attempting to keep their tenant’s balances as well as their own financial records correct. There is a simple solution for this that will rescue landlords from what many consider a nightmare.
The extremely popular and affordable video set, “QuickBooks For Landlords” shown non-accountant property owners exactly what to do and how to do it. This course explains things in the most simple and clearest terms possible. This number-1-hit QuickBooks training course will start everyone off as if they are new to QuickBooks and build slowly until every landlord who takes this course can easily record everything they need in to their QuickBooks records. It shows everything that a rental property owner could need from QuickBooks.
Over the past 2 years, I have received many beautiful compliments about this course. The appreciation comes from the relief of the landlord-specific dilemmas caused by the differences in how landlords need to keep records compared to other “normal” businesses.
After talking to many landlords who took this course, I believe it’s important to discuss the specific landlord-bookkeeping points that the course will directly address. These points are why there is a need for this course.
The first most common point of confusion is how and when to record invoices for tenant’s rent. This becomes confusing for landlords because QuickBooks, like most accounting software, assumes your company is a normal company where the customers pay after you earn the income. However, with rental property management, the landlord usually gets paid before the tenant stays for the time that they’re paying for.
The second dilemma that this course solves, is helping landlords distinguish between the balance of the tenants prepaid rent (if any) and the balance of their security deposit.
For example, for landlords who collect first month, last month, and security deposit on the day the tenant moves in, the security deposit amount has to be tracked separately somewhere in some report or area of data. This way, if the tenant breaks something and the landlord bills the tenant for, it can give your tenant to report clearly showing where the money was deducted from. If it happened to be deducted from their prepaid rent, the report will show that accordingly. But if instead, the damage was deducted from the security deposit, there would be a separate report clearly marked with the clear distinction, clearly showing every change to the security deposit balance compared to every increase or decrease to their prepaid rent balance. This can be on two separate reports even if it’s the same tenant.
Not even specialized landlord software can do that. QuickBooks can do that easily if you simply set it up and run it the way it shows in this course.
The course clears up misconceptions about how to record leases in to QuickBooks. These are no longer mysteries if you simply follow this easy to learn course and do everything exactly as shown.
QuickBooks Online, QuickBooks for the Macintosh and QuickBooks Desktop Windows are all better than any other software for property management financial record keeping.
You will own all 3 courses for all 3 of those software programs with the purchase of just 1 of them at the main website: https://www.QuickBooksforlandlords.net
Additionally, even though the course clears those things up, I’m still happy to field questions about those and other things that cloud the issue when landlords are property managers try to keep records for their company and their real estate rentals.
Any of our members from A.A.O.A can contact me with anything they may need any time at Marksmolen.com
I have no doubt that anyone from AAOA who joins the course will be very happy. I want to thank everyone in the past month who signed up because of last month’s blog. I got to know a lot of wonderful people and received beautiful treatment from them as I interacted with them regarding their questions before signing up.
I still hope to get to know all of you as my future students. I’m sure that you will see that this course will unlock QuickBooks in such a way that it will always be better than any other software. You’ll always be able to get what you need easily and affordably if you take and follow this course.
Mark Smolen has been a Certified QuickBooks Pro Advisor Since 2011. In 2015 he created this YouTube Channel www.youtube.com/worldwidequickbooks that has reached thousands of landlords who want to learn about QuickBooks. Smolen’s extensive experience began when he taught Computerized Accounting at A.S.A. College from 1993 to 2008.