Property Management Escrow Set Up

You have two options to enter opening balances for owners reserve funds and tenant security deposit funds:

1. Create an invoice and receive payments OR
2. Create a sales receipt

Deposit the money in a Petty Cash Bank Account and then write a check from the Petty Cash to Opening Balance Account.

Gita Faust
Advanced Certified QuickBooks ProAdvisor | Enterprise Suite Certified | Point-of-Sale

Author of
| "Manage Properties with QuickBooks" for | landlords rentals | property managers | commercial properties
| "Manage Community Associations with QuickBooks" for Condo, HOA, Time Share & PUD
"Accounting for Real Estate Agents"
Preorder: for Buy, Rehab and Flip | Foreclosure , Short Sale | Real Estate Broker
 

When you setup your Company, e.g., Escrow Accounts, Bank Accounts, Tenants as Customers, etc., for the first time, QBS allows you to enter Opening Balances.

When you first setup QBS for your Bank, it wants you to enter all transactions (if you began USING QBS after your company Start Up Date).  And QBS wants you to take the balance from your LAST Bank Statement prior to your START Date of using QBS.  (Not balances from your check book or a spread sheet, but from your last Bank Statement).

So, you would take your Opening Balances from your last Bank Statement prior to you USING QBS for your bank, and the last balances from your Escrow Accounts, Security Deposits, etc. Whatever your last balance prior to your Starting Date of Using QuickBooks is the balance you will enter.

Now you should balance from this point forward.

Nancy Neville, Certified QuickBooks Pro Advisor, Landlord Consultant, Author of Property Management in QuickBooks and more..http://www.nancyneville.homestead.com