As a Real Estate Developers, Property Rental Managers or Broker who handles property development on behalf of landlord and resell to interested buyers, we understand that one of the key challenges of your accounting system is how you can accurately track transactions that are tailored to a particular property – track income from rentals or sales, record property development, improvement, advertising expenses or other related cost of sales to ascertain the actual profit realized on the sale of a unit and been able to generate a consolidated property transaction for your company.
Quick tips on QuickBooks features that will help you resolved this:
- Class features– In QuickBooks, we have a feature called Class List – this features will help you track your transactions by location. If you have property or real estate for lease or sale in different location, the class features can help you view transaction report from each of the location which will help management to know the most profitable location at a glance.
- Job Features– QuickBooks can also help you track profit and loss on each of the property. You can set-up Property A, Property B and Property C, so that QuickBooks will generate a specific property report for you. This features will help you track the most and worst performing property by rental income, sales or profit record.
QuickBooks solution, if well implemented should be able to tell you:
- Track all your properties listed in the software
- Track tenants in specific locations and their transaction details e.g amount payable as rent, outstanding balances, and generate reports for each tenant.
- Track expenses incurred on each property down to legal and maintenance fee
- Track commissions earned as income
- Track inflow and outflow of cash from your bank and reconcile you’re your bank statement at month end
- Accurately track VAT and withholding taxes from property sold
For more enquiries on how we can implement and customize QuickBooks for your Property/Real Estate Company, CONNECT with us on 09092942048, 08175420054
or SEND us your request: info@magnetgroupng.com
