Hints for QuickBooks for Commercial Real Estate Companies - Part 1

Quit using a spreadsheets to track CAM, Common Area Maintenance.  QuickBooks is outstanding for just this purpose.   First, make sure you have set up QuickBooks correctly.  The recommended structure is as follows:

• Entity
• Property
• Unit
• Tenant

Here's how I set up these in QB:

• Entity (database - separate QB file)
• Property (QB Customer and/or QB class )
• Rental Unit (QB Customer)
• Tenant ( as a subset of Unit, QB "Job")

Calculate the % of total square footage.  Let's say you have two tenants, one we'll call "Deli-Licious & Liquor"  with 30%.  The other, "Bigger Box Store" has 70%.

Notice the highlighted area.  This sets up the billable.  Target the tenant to rebill by selecting the Customer:Job.  

Tip:  If you need to calculate the split between tenants, the amount box does quick calculations.  Here's how:

1. Enter the total charge in the amount box.  Do not click next or move away from this field.
2. To multiply by the percentage, click on the * asterisk.  A mini calculator opens.
3. Use the percent, if it is 5%, enter .05 to calculate and press Enter

Be sure to check mark that line "billable".

One more hint, for regular expense payments, use Memorize, CTL M, to replicate and set up recurring transactions. You don't have to set up a fixed amount if it is variable, but you can list the tenants to help.  If the amounts are the same each month, you have already calculated the cost by percentage of square foot occupancy.

In part two, we'll review how to flip this into a an invoice for tenants. 

Victoria Marechal
Intuit Solution Provider/QB Advanced ProAdvisor 

www.qb-it.net