How to Enter Rents Received in Quickbooks

Treat each building as a customer and each tenant as a job.

When you own or manage investment property, once you collect tenant rent checks, you need to enter and record each check properly in your own management system before depositing the checks in your bank. QuickBooks software programming helps you expedite the process. Organizing, entering and depositing rent checks by designating them according to property is the one of the easiest ways to keep track of rents received in QuickBooks 2010.

Things You'll Need

• QuickBooks 2010
• Property information
• Tenant information

Instructions

Property Set Up

1. Click “Lists” from the main menu bar and then select “Customer Job List” from the drop down menu that appears.

2. Select “New” to add the main rental property as a customer. Give the property an identifying label such as “Robin Street Rental,” enter the mailing address and contact information if you are managing the rental for a client and if you prefer, set the default payment term to 30 days.

3. Click the “Job” tab and enter personal information for each tenant as an individual job.

4. Click “Save” to save information for the rental property and individual tenants.

Record Rent Checks

1. Click “Customers” to access the Customer menu and then select “Receive Payments.”

2. Select the appropriate customer – or rental property – and from the drop down list that appears, select the tenant for whom you want to record rent received.

3. Enter payment information.

4. Save the information or if you have other rent checks to record for the same property, click “Save with Other Undeposited Funds”, select “Next” and continue recording payments until you finish recording all rents received for that property.

References

• For Dummies: Setting Up a Customer List in QuickBooks
• Intuit QuickBooks Support: Creating a Property Management Company in QuickBooks