Hi there rental property owner,

From years of experience in income property investment accounting, I understand!

The first, simple answer is...when you enter (or modify) an expense, assign it right there and then, when you are in the entry! Even if it comes in from the Bank Fee and you are in QBO For Review.

Open the transaction, edit and assign.

For those renting their own properties and even the additional layer of those managing properties for others, we use the Customer/Client field for the Tenant details and use Projects/Jobs, under each tenant instead of Class. I used to use Class in the past for buildings in various locations but then abandoned that for Projects/Jobs...in both Desktop or QBO.

For posting to a vacant unit or for Capital Improvements, Create a parent/house account which is basically you. Under that account, you can enter your vacancies or improvements as Projects/Jobs and track your expenses there, giving you clear records.

When I have a vacant unit, I create a new Project/Job (using dates to differentiate vacancy period) and post/Job-cost all expenses to that vacant unit. Improvements: Just create a name for it like; 123 Main St / Driveway

These methods will provide you with a very clear picture in a P&L of your bottom line by Unit.

I was a commercial and multifamily property manager for many years and did the accounting.

With constant flow of turnovers, capital improvements, occupied unit repairs and maintenance, I know very well how important it is to Job Cost all expenses for each unit...even/especially when vacant!

Hope some of this is helpful. Let us know if you have additional questions.

~mh