It is true that running a business is a multi-tasking job and it is not easy to get everything done conveniently. With bigger name comes bigger responsibility. So when you have a business to take care of, you ought to have many important tasks to accomplish without making each project chaotic. The task may include you to “how to create invoices to how to record rent expense in quickbooks”. As, you hate to miss the deadlines, that’s why with QuickBooks, we will learn how to get the work done in the most productive way.
You get payments from so many clients and accepting them and then keeping their record can bother you. But hey with QuickBooks you don’t have to worry about that. The track of payments you receive can now be easily taken care-off with quickbooks. Keeping a tab on each rent payment helps you to be on top of your finance. Your incoming and outgoing transaction is well organized and recorded in sync so you don’t panic at the eleventh hour. Now when we have come to know the positive side of tracking rent payments why not learn the trick of the traits.
How to Enter Rent Payments in QuickBooks?
To rent payments and run your business as smooth as ever, follow the steps below-
- First of all open the QuickBooks application and then click on Customers job list.
- The customer jobs list will be found in the List option.
- Now you will have the job of making selection of the person you want to charge. You will see the option of Enter Statement Charges which you will find in the Activities menu.
- The information required will be displayed instantly.
- You will be shown Item drop down menu from where you need to choose the option Rent.
- On the Rate field, you need to enter the amount you have to.
- Now, open the Account drop down menu to find Accounts Receivable option.
- On that option, you have to choose Class drop down and then select Property.
- After selecting Property, enter the amount to be charged along with the due date.
- Now it is almost complete.
- To give it a completion, click on Record option.
Apart from the above mentioned Rent, you need to accept Rent by Property too. Thus for this kind of job, the software offers quickbooks rental property setup. Thus follow these steps for recording rental income.
- Like always, we need to open QuickBooks to choose Receive Payments which will be found in the Customers menu.
- Once again open the Account drop down to select Accounts Receivable.
- Now it is time to open the Customer Jobs drop down menu where you will get the option of selecting appropriate tenant.
- You should now enter the amount of rent received.
- If you have to receive payments from one tenant, click on OK.
- If you have to receive rents from more than one tenant, click on Group with other non-deposited Funds.
- You can now move on to the next cash entry and repeat the process.
It is very critical for the success of an entrepreneur to keep a perfect track of all your transaction. With tracking your rent receipts, you are one step ahead to be off the rat race.
The steps given above can help you resolve your issue but in case you still face problems then give us call. Please keep our Quickbooks Online Support Phone Number handy and our customer care helpline established in Canada will help you with all your problems 24/7. Don’t hesitate to contact, give us a call now.