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Setting up for Customer, Rents

Posted on 2009-07-15
Medium Priority
Last Modified: 2012-05-07
I am very new to QB.

I'm using it to manage the finances of a small Condo Association.  I have done the "Interview" and set up my "Chart of Accounts" but I'm stuck at the point where I set up Owners/jobs so I can track Association fee payments/receipts.  I don't need to make invoices; per se, though I suspect I may need to create them to track payments.

It is my understanding that it is necessary to create "Jobs" for each owner in order to accomplish my goal of tracking their payments.  But I don't need to send them receipts.
Question by:mikecox_
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LVL 98

Expert Comment

by:John Hurst
ID: 24884138
Each owner needs to be a Customer. Quickbooks uses the nomenclature of a Customer:Job. In its simplest form, a customer is one customer:job and you can ignore the "job" part. For your purposes, keep it simple.

Once you have set up the Owners, you can either:
1. Issue invoices for fees and then receive payments against the invoices. The value of this is that you can do an aged Receivables and see who is tardy. The downside is the effort required to invoice (although you can easily use memorized invoices).
2. Simply deposit payments using the Deposit process. Deposit to Undeposited funds (a built-in QB account) and then make the Bank Deposit equal the total of several payments in Undeposited Funds (Easier to reconcile your bank). Upside: Simple to implement and use and you can still track. Downside: No way to track tardy payments (Aged Receivables).

... Thinkpads_User

Author Comment

ID: 24906643

Sorry, I'm still at creating a Customer;job, and I'm so new at this that the rest your you answer isn't getting through. I see the 4 Edit Customer tabs and I've entered the Payment info.

Where do I set up the amount due information?

The customer/owner pays $x dollars a month.  Part goes to Association fees and part goes to Special Assessment.  There is also a late fee after a certain date.

Do I set up a job for each of these amounts? Of course I haven't figured out how to set up a single payment yet; without dividing it up.

I don't send invoices, but I gather I have to create one non the less; is that correct?

I'm going to need step by step instructions. i.e. what menu headings to select from etc.
LVL 98

Accepted Solution

John Hurst earned 2000 total points
ID: 24906878
First, this is not a forum where I can provide guided, tutorial-type, step-by-step instructions on setting up a set of books. There are Pro Advisors, likely near you, on the Intuit web site who can assist you with setting up a set of books. It can take 3 or 4 hours of assistance at the most basic level.

For what you want to do, you need to set up invoices. You may not send them, but setting up invoices will allow you to establish items to allocate association fees, special assessments, and so on. Items are available on the main Quickbooks menu under Lists. Items allow you to describe a service and set it to credit an income (revenue) account. Invoices are available on the main Quickbooks Menu and allow you to bill for a collection of services.

Once you have created invoices for your customers, the total amounts go to Accounts Receivable and you can receive payments under Customer -> Receive Payments.

Ignore my comment number 2 about using Deposits instead of Invoices. It does not fit your situation now that you give me some additional information.

So make sure you have all your accounts set up. Make sure you have entered opening balances and have a balance sheet that balances and is complete. Then set up Customers (ignore jobs at this point). Also set up Vendors so you can pay bills.

Accounts Receivable and Accounts Payable are automatic accounts. When you create an invoice, the invoice credits revenue (via an Item) and debits Accounts Receivable. Use Customer -> Receive Payments to collect receivables. When you create a Bill, the bill debits an expense account (via an Item) and credits Accounts Payable. Use Vendors -> Pay Bills to pay the bills (you need Cheque forms to do this).

That is a very high level view, but you appear to need some on-site Quickbooks and Accounting support to get going. ... Thinkpads_User

Author Closing Comment

ID: 31603982
It was a good answer, considering the question asked for more than was in the scope of EE.  It helped me find keywords to search and learn from,
LVL 98

Expert Comment

by:John Hurst
ID: 24929077
Thank you and good luck. If you wish to ask a specific question, please do and someone here will try to assist. ... Thinkpads_User

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