You can produce individual reports for each rental property by using either divisional accounting or by creating sub-accounts. If you opt to use sub-accounts, it's essential to ensure that all transactions are posted specifically to the sub-accounts within the designated rental income and rental expense account ranges.
Example:
For rental income, use accounts classified as Rental Income in the type column (e.g., account 0620).
For rental expenses, use accounts classified as Rental Expenses in the type column (e.g., account 1997).
When using sub-accounts, each rental property should be identified similarly to beneficiary sub-accounts. For instance, all income and expenses related to Rental Property #1 would be posted to sub-accounts ending in .01, such as 0620.01 for income and 1997.01 for expenses.
Creating Sub Accounts:
To create sub accounts go to View, Chart of Accounts.
Select the tab of your preferred account e.g. Revenue and click New.
Complete the details and click Save.
Run Reports:
Go to Reports, Trial Balance, Detailed Profit and Loss Statement or Rental Property report.
Select the tab Sub Accounts, tick Expand sub accounts, Ok.
Example:
To run the Rental Property report or Detailed profit and Loss Statement for each sub-account separately:
Go to Reports, Rental Property Report or Detailed Profit and Loss Statement.
Select the tab Sub Accounts, select your From sub account to sub account range.
Click Ok.
Example:
