Thank you for the insight! Very helpful. The client I need to set up uses a trust account to receive rents and pay the owners, and he has an operating account where he transfers his management fees. But they are both in the same QB file. If I understand you correctly, I will have to have invoices to post rent payments to in order to get a P&L, correct? I was hoping to avoid it as all payments are done electronically by various means. No invoices needed. 

Thanks for the help!