![]() Nothing about what you asked is done using JE. Well, you asked this Twice and you have all sorts of peer user volunteers and the Intuit people trying to help in Both places, now. "I was hoping I could get a response on my original post." In addition any CRM program like PropertyWare syncs only to desktop. There may be a practical limit solely based on umbrella insurance limits but we only keep separate LLCs when there is a difference in ownershipĭue to my perceived need you have of at least 11 company files I highly suggest for cost savings alone you stick with desktop not online. The Ray Lucia mantra of each property in its own LLC is overblown in my mind. ![]() You must, as I understand it, keep each LLC in a separate company file or there is no point in having more than one LLC unless you have additional investors/members. Receive customer payments for monthly invoice, deposit to a clearing account, now deposit to the clearing account from each sub unit Due To liability in the management company. Use invoices to bill the subs, use billable expenses to assign the costs by unit(customer) and class. If income, you use 1099Rent to show the payments to the units. I assume you record rents into management as income or as liability to your sub units? (A single monthly insurance premium need not be split 100 ways when you pay it) You do not need any journal entries other than year end balance of class allocation. If I have roughly 600-800 instances of income and expense transactions per month that go through MGMT LLC, will each transaction need this type of journal entries or is there an more efficient/easier way to accomplish the same thing? HOLDING LLC #1 financials would show -$50 “Due To/From MGMT LLC” on its current assets and $50 as a repair expense on its PL. MGMT LLC books are reconciled in its Current Assets, since there was $50 reduced from MGMT LLC bank account and $50 added to the Due From Holding LLC#1. The result I am looking for is the following: -$50 Due To MGMT LLC from HOLDING LLC #1.$50 repair expense for the sub-class 123 Main st.(owned by “HOLDING LLC #1”) from MGMT LLC’s bank account. I want to make sure I am creating my journal entries correctly in order to create what I described above.Įxample: MGMT LLC pays $50 for a repair for 123 Main st. I can then customize reports to show a PL and BS for each HOLDING LLC. I would like to continue using one company file in QuickBooks and just use classes and sub-classes for my Holding LLC’s and the properties they own. This will show me how much the HOLDING LLC owes the MGMT LLC or vice versa. The balance sheet for my HOLDING LLC’s will always have a running “Due To/From MGMT LLC” as a current asset. ![]() This MGMT LLC does not own anything, but all income and expenses are received and paid through the MGMT LLC bank account (which makes my life a lot easier). I also have an MGMT LLC that I use to collect income and pay all expenses for all of those 100 properties (10 Holding LLC’s). I generally create a HOLDING LLC to hold (own) 10 properties. I currently own roughly 100 rental properties. I’m transitioning my bookkeeping to QuickBooks and want to make sure I am setting up my files to coincide with my current PL and BS for all of my LLC’s
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