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Property Management/Mortgage loans

Posted by SaraBrumlow 
Property Management/Mortgage loans
February 05, 2014 12:41PM
Good Morning,

We just purchased Premier QBs 2014

We have over 66 properties and we need to track correctly - now I have a basic understanding of accounting and need help to set up the properties in QBs

We have 3 LLC's - each LLC owns several properties and/or are the lender (as we sell the properties via owner finance)
We need to track each properties to it's LLC - and track the property to the current owner - and in turn report/provide a 1098 at the end of year

However we also need to track the mortgages loans that we have on those properties - When the property is sold via owner finance - we maintain a balance on the original mortgage that we have.

Not all properties have the mortgages that we owe - several are free and clear -

We also need to track the property tax and insurance payments (escrow accounts)

Can you assist on the best way to "begin" the set up?
Re: Property Management/Mortgage loans
February 08, 2014 08:04PM
You should consider setting up a separate QuickBooks file for each LLC. Once you have that setup you should refer back to our videos under Property Mgmt to setup Classes and Customer & Job to break down the individual properties.
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