chart of accounts for simple rental property business

Hi Ron,

You may do below things which may satisfy your requirement;

Step 1: Initial Set up Account in name of Property e.g. " Rent Income" under account type "Income". Similarly created multiple accounts in the name of properties.

Step 2: Create Service under sales module, Create services in name of property i.e. "Rent - New Jersey Building No. 1" under "Rent Income".

Step 3: Create invoice > Select your tenant > select the service as "Rent - New Jersey Building No. 1"

Now, you can see in your profit and loss statement that Rent income is showing rental income of the selected property covered under "Rent Income" Account.

I hope it satisfies your requirements.

You may mail us directly for any other help.

regards,
Vishal Jagetiya, CA
[email protected]

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