Have a Tax Question? Ask a Tax Expert
Hi! I can help you with that. I am a CPA and am familiar with quickbooks and actually have some passive RE investments as well. I definitely recommend all the tutorials videos, and forms that Intuit offers on their quickbooks website. They have a lot of great tools to get you started.
Setting up your chart of accounts in a way that works for you is going to be your most important step. Really this is going to be based on what you want to be able to get out of QB and report on. For example if you have multiple properties then you might want to use the classes within Quickbooks to setup a "class" for each property. That way you have the option of reporting on each property separately or just all together as needed.
If you don't mind if everything is lumped together then you could skip the classes and just spend time setting up your chart of accounts overall. You would want to have revenue and expense accounts setup for all the major expenses you might have. If you have an accountant who helps you with your taxes, then I would recommend having them help you with your chart of accounts, so that you can will be able to provide them with the needed amount of detail at year end.
What other questions does this raise that I can help you with?
Emilee Weaver, CPA