Many people have criticized QuickBooks online for its shortcomings as a real estate and property management software that is until now. Many real estate owners begin with QuickBooks Online.
And it is not surprising considering how much of the accounting market that captured by Intuit services. Intuit is the provider of QuickBooks accounting software. As of today, there were over 5.6 million QuickBooks users globally and counting, according to their latest advertisements and QuickBooks Data release into Dec 2020.
QuickBooks Online is a great accounting software for real estate companies. QuickBooks is easy to use, learn, and cost-effective, and accountant support is plentiful.
Here is the step-by-step guide for QuickBooks Real Estate Bookkeeping:
Book sale and purchase HUD
Book property tax payments (possibly from an escrow account)
Booking refinances
Booking construction loans and keeping track of the amounts drawn and still available.
Rehab: capital improvement vs. repairs and maintenance
Mortgage checks (applying payment to escrow, principal interest, etc)
Book loans- incoming and outgoing
Partnerships- contributions and draws
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