Short Term Rental Riches 34. The Easiest Way to Keep Track of Your Rental Income & Expenses
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Jul 7, 2020 Managing rental income and expenses can be a daunting task for real estate investors. QuickBooks offers a smart solution, transforming tedious bookkeeping into a streamlined process. Discover how to set up multiple properties under one account, sync transactions automatically, and even share access with your accountant. Tim shares his valuable tips to simplify financial management, ensuring your focus stays on growing your properties and cash flow. Dive into the world of efficient bookkeeping and watch your wealth grow!
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Separate Accounts for Properties
- Use separate bank accounts for each property or LLC to simplify transaction tracking.
- QuickBooks can efficiently sort numerous transactions from a single account using its features.
Link Accounts to QuickBooks
- Link all business checking and credit card accounts to QuickBooks online for seamless bookkeeping.
- Use QuickBooks classes to separate income and expenses per property within one profile.
Automate Recurring Transaction Tracking
- QuickBooks auto-recognizes recurring transactions and categorizes them after initial setup.
- This automation reduces manual entry and increases bookkeeping efficiency for rental investors.