Making up for rental shortfall?
With rental property, how do you account for money put in by the owner to make up for a shortfall in rental income on any given month.
70
108
cGVW2KtOOr4yUOacwZ5xHE
02/03/12 9:58am PST
Viewed by asker 02/10/12 5:52pm PST
Viewed by asker 02/10/12 5:52pm PST
3 Replies
Gita_Faust
Questions asked: 51
Questions answered: 2244
Points earned: 3653
Questions answered: 2244
Points earned: 3653
Intuit Solution Provider
Intuit has teamed with a network of Intuit Solution Providers to deliver the personalized and professional services growing businesses need. Get help with finding the right solution, implementation, customization, integration, education, IT and accounting
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Allstar
Advisory council of community power users.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
Certified ProAdvisor - ES
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient Enterprise Solutions experts
Certified ProAdvisor - POS
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks POS experts
02/07/12 12:35pm PST
What did you call it when the owner gave you the money? Do you owe them the money back?
Books on QuickBooks Real Estate Accounting Solutions | QuickBooks Property Management | Blog | QuickBooks Software Price list
02/10/12 5:52pm PST
Hi Gita. I am the owner of the rental property and my sons are renting from me. Unfortunately they have lost jobs and could not make a full rent payment to me. I still owe on the house so the full payment is due. The difference in what they were able to give me and the amount of the payment is what I had to make up from my savings. I just needed to know how to account for the money in QB. I'm sorry it was confusing to you. Paul
Nancy178
Questions asked: 10
Questions answered: 550
Points earned: 1087
Questions answered: 550
Points earned: 1087
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
Allstar
Advisory council of community power users.
02/13/12 8:52am PST
Latest post
Since you may be depositing money into the business from time to time, create an Owners Draw Equity Account in your Chart of Accounts.
When you make your deposit, choose the Owners Draw Equity Account where it says from what account on the Deposit Slip...see samples. Now you can see how much money you have invested in the property and when your young "whipper snappers" get back on their feet they can pay dad back! :)
You don't want to make a normal deposit without choosing an Equity Account. When you choose an Equity Account it doesn't show up as income. It shows up as investment back into the property.
You can withdraw money that way as well.
