QuickBooks can be used to streamline and automate all aspects of bookkeeping, including billing tenants, collecting rent, reconciling bank accounts, and tracking income and expenses. While there are other solutions that are specifically designed for rental properties, QuickBooks remains a simple and versatile accounting solution.
Simply put, yes, QuickBooks does have the capacity to be used for managing rental property accounting transactions. The software lets you set up properties as customers, tenants as sub-customers, and classes to track various transaction types. Whatever software you decide on, you’ll need something to track rent payments, expenses, payments, and profits.
When you set up your original asset account, Quickbooks will actually ask you if you want to track depreciation for the asset. If you check the box that says “Track depreciation of this asset” you will be asked to enter your current depreciation and effective date. Set up rental property asset account in Quickbooks Online.