How do I separate incomes per apartment hosues?
I have five apartment houses, which I need to separate the incomes for. How do I do this and also how do I get it out of accountant copy?
Thanks
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cVv5bGFEGr4yUOacwZ5xHE
04/03/12 4:57pm PDT
Viewed by asker 04/04/12 6:21pm PDT
Viewed by asker 04/04/12 6:21pm PDT
10 Replies
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04/03/12 5:01pm PDT
To cancel an accountant's copy, go to the file menu...scroll down to accountant's copy then client activities and remove restrictions.
You have to choices for separating the apartment house. The easiest is to set up each house as a job in the customer job center under the main customer. You will have to code all income and expenses by house which requires entering the apartment house in the customer:job field of expenses and received from field on deposit.
You will then be able to run a profit and loss by job report.
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04/03/12 5:10pm PDT
Each apartment house has three to five tenants. What did you mean by the main customer? And what was the other choice to separate the apartment houses.
Thanks
04/03/12 5:20pm PDT
I have already entered a whole fiscal year of data. Is there an easy way to change this to separate the houses or should I start from scratch?
Thanks,
raywhite28
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04/03/12 8:54pm PDT
I would use Classes for each apartment house and not customer.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
04/04/12 10:39am PDT
The solution
I too would use Classes for each apartment house. You can then assign the class Apartment #3 to both income checks (rent received) as well as expenses (repairs, cleaning, advertising to rent, etc.) and then after all transactions have a Class assigned to them you can run a Profit & Loss By Class report, which may be helpful to see if one apartment house is "mysteriously" costing you more to maintain than the others. LOL. As a landlord myself, there is always those 1 tenants that tend to require more maintenance than others!
04/04/12 11:21am PDT
Yes.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
04/04/12 1:53pm PDT
So I would have a class for Apt. House 1, then a subclass for apt 1 of apt house 1 then a subclass for repairs for apt 1 of apt house 1. Is this correct? How does this class work with expenses and income? How do you enter an invoice to bill for rent?
04/04/12 2:01pm PDT
You can run a P&L by class. You can assign a class on each line of a transaction.
Hope this helps. If so please mark solved, if not please ask more questions. Thanks!
04/05/12 2:10pm PDT
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MarshaT - I dont think you would need a subclass for repairs of Apt 1 of House 1. if it makes anything easier you could make 1 class for each apartment within each house and maybe call them H1A2 (house 1, apartment 2) or maybe if all apartments have unique numbers just use the apartment numbers. But how you name the classes is up to you, just trying to give you a couple options.
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04/04/12 1:12pm PDT
Classes are fine, but you also need to set up the tenants as customers to keep track of who has paid rent and who still owes. I prefer to set up each apartment house as a a customer and each tenant as a job.
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