Archived
05-03-2008, 08:02 PM
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(12/14/2000 10:57:39 AM) Kate Smith wrote:
In my old accounting program(IHA), I would distribute expenses to individual landlord expense accounts, either by distributing a specific payment between various expense accounts, or by using journal entries to move expenses between expense accounts (for example, after sorting out some big bill, already paid, for NH3, determining whose fields it was applied to). Similar processing was done to the crop sales. Then all expenses/sales were transferred to an accounts receivable/payable account, which zeroed out when I wrote them a check at year end.
I can't seem to figure out how to best handle these landlord-shared expenses and landlord reimbursements in Quickbooks.
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You can probably handle things similarly in QuickBooks. Rather than setting up more than one Accounts Receivable account (you should only use one in QuickBooks, unless you really understand how QuickBooks works), you might set up the landlord accounts as some other Current Liability account. Maybe better, you could even set them up as Bank (Checking Account) account types--see the discussion of Non-Farm Funds Accounts beginning on p. 243 of the Cookbook for ideas on how this works.
During the year, use journal entries or "checks" and "deposits" to these dummy Bank accounts to assign expenses and income to the appropriate landlords. At year's end if you have a net positive balance in each account, you write a *real* check to the landlord, and use his/her dummy Bank account as the offsetting account for the transaction.
You may give the landlord listings of income and expense entries by printing various Bank account reports...or other reports, such as a Profit & Loss Detail report filtered by (limited to) a landlord's dummy Bank account.
Good luck!
Mark Wilsdorf
Flagship Technologies, Inc.
(12/14/2000 10:57:39 AM) Kate Smith wrote:
In my old accounting program(IHA), I would distribute expenses to individual landlord expense accounts, either by distributing a specific payment between various expense accounts, or by using journal entries to move expenses between expense accounts (for example, after sorting out some big bill, already paid, for NH3, determining whose fields it was applied to). Similar processing was done to the crop sales. Then all expenses/sales were transferred to an accounts receivable/payable account, which zeroed out when I wrote them a check at year end.
I can't seem to figure out how to best handle these landlord-shared expenses and landlord reimbursements in Quickbooks.
====================================
You can probably handle things similarly in QuickBooks. Rather than setting up more than one Accounts Receivable account (you should only use one in QuickBooks, unless you really understand how QuickBooks works), you might set up the landlord accounts as some other Current Liability account. Maybe better, you could even set them up as Bank (Checking Account) account types--see the discussion of Non-Farm Funds Accounts beginning on p. 243 of the Cookbook for ideas on how this works.
During the year, use journal entries or "checks" and "deposits" to these dummy Bank accounts to assign expenses and income to the appropriate landlords. At year's end if you have a net positive balance in each account, you write a *real* check to the landlord, and use his/her dummy Bank account as the offsetting account for the transaction.
You may give the landlord listings of income and expense entries by printing various Bank account reports...or other reports, such as a Profit & Loss Detail report filtered by (limited to) a landlord's dummy Bank account.
Good luck!
Mark Wilsdorf
Flagship Technologies, Inc.