I want to protect my properties by forming separate LLCs, I’ve had trouble doing that on QBO. Does anyone know how to do that?
You need to really decide if it’s necessary to have different EIN’s or if you can just create 1 LLC for all of the Rentals.
What exactly are you “protecting“ the property from? If property is in your name you would have to “sell” it to the LLC, then change deeds, etc to reflect the LLC. It’s a super lengthy process. Please reach out to me if you need further assistance on how to set up as this is my specialty area.
I’m in Kansas, but I have clients in WA and other states. I have found Zoom and other avenues work wonders! I have done bookkeeping for landlords, property management, and construction for over 18 years as my niche, I have other retail clients as well, but I prefer my niche!
ALL software and apps has its issues, that’s where reconciling comes into play. It’s a matter of learning the ins and outs to see if you can avoid some of it and reaching out to support to make them aware when there are issues so they can fix it.
I’ve been in QBO Since they rolled it out, I have frustrations with it at times, but I haven’t had issues with missing expenses coming in through bank feeds. All the issues I’ve found are in the manual processes where people tend to miss entering receipts.
It’s very expensive doing it this way in QBO. That is where there is the need for someone who specializes in Multi-Entity QBO. Usually it isn’t cost effective so there are work arounds by using classes.
Dawn Radican is the owner of Radican Family Services, LLC . Dawn is an Advanced QuickBooks Certified ProAdvisor for Online and over 18 years experience in Accounting.