Rent Payments in QuickBooks
Those who have purchased or subscribed to QuickBooks may have wondered if it may be used in the real estate industry. Yes, but it will likely need some tweaking and be more user-friendly. This post will show you how to record rental income in QuickBooks and then explain how simple it is to do it with their help.
Acquire funds from an outstanding bill.
Landlords may choose to send monthly invoices to tenants as a means of collecting unpaid rent, utility bills, and similar charges. An invoice must be made before a rent payment can be accepted:
Choose “Customer” from the main menu.
Choose the appropriate Client.
Invoices should be created by clicking Add New after Create Invoices.
If there are many rental properties or units, selecting the appropriate Class and Product is essential when entering the rental fees.
Choose Save, then Exit.
After an invoice has been generated, rent payments can be received in QuickBooks by following these steps:
Choose “Customer” from the main menu.
Choose to Acknowledge Payment.
Select a sender from the Received From list.
Choose the name of the customer.
Put the money you got here.
Verify the receipt date of the rent is the proper date.
Pick a Financing Option.
Pick the Bill that you want to pay.
Choose Save, then Exit.
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