RENT Magazine Q4 '21

also pay property expenses as needed to keep the property running. They are usually deducted from the collected rent when giving the landlord client their final payout at the end of each month. That means there must be reports that show how each expense was deducted from each tenant payout deposit to landlords before paying the landlord the collected rent. The property management company must also bill the client, who is the landlord and property owner, for the monthly management services, and to add insult to injury, that bill also must be withheld from the property owner’s monthly payout. QuickBooks is very sophisticated, but if you know the simple procedure to execute when these transactions occur, you can have all the information you need at your fingertips. You

from the tenant separately from the deposit that you receive from the landlord client for expenses that are the responsibility of the tenants or the property owner. Of the dozens of property management clients I’ve had, I know that there are two deposits the most challenging to track and keep separate from the rent balance. One of these two deposits is called the “pet deposit.” My property manager clients have several names for it, but it all boils down to the procedures that you can learn for free if you want to keep financial records as a property manager or someone who gives a service to real estate rental companies. The secrets to creating these reports with total record keeping accuracy are taught in the best-selling online video course “QuickBooks for Landlords.” This simple, step-by-


can easily print a statement for your landlord client showing all additions and deductions, such as each tenant’s rent that was collected, each expense that was deducted from the client’s rent, and the deduction for their service fee, all in one simple-to- manage, quick-to-run statement for the monthly deposit payout. In fact, QuickBooks makes complex things so easy, you can track the deposit that you get


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