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Selecting Class in the invoice rather than setting it as part of the Income Item allows a single-income item to be used for multiple Classes. Notice that the Class is specified in the invoice. Once Income Items are set up, they can be used to invoice your tenants. Special Offer from our Sponsored Link Above Using Income Items for Invoicing Repeat this process for each of the Income Items that need to be added.Fewer Income Items create less confusion and more precise records. You will add the Class if you are using that feature when you create an invoice. Enter a Name for the Income Item, select the Income Account that it will post to, then click Save & Close.ĭo NOT add a Class for your Income Item.Renting a building and common area maintenance is a service you provide to your tenants. Next, click the green New button in the top right corner.įor Commercial Real Estate, most of the Income Items you use will be under Service.

To add an Income Item, first, select the gear icon in the top right corner, then select Products & Services under Lists.

However, the process is very similar in QuickBooks Desktop. Process for Adding Income Itemsīelow, we’ve illustrated the process of creating Income Items using QuickBooks Online. In this article, we will demonstrate the step-by-step process for creating Income Items. When you are invoicing in your QuickBooks, even if you never send the tenant the invoice, you have more visibility to how much each tenant has paid for which month of rent. At STRATAFOLIO, we highly recommend the use of invoicing to track the income received from your tenants. The Income Items are needed for invoicing and will be easily tracked in QuickBooks reporting. Essentially, you are creating sub-items under an Income Account. When you create an Income Item, often referred to as an Item in QuickBooks, you specify the Income Account that it is connected to.

And it does so without creating multiple income accounts. The creation of Income Items in QuickBooks allows you to separate the type of income you receive. Income items are categories of services/products you deliver. Overview on the Importance of Income Items In this article, we will walk you through creating income items to invoicing your tenants. Tracking your income starts with creating Income Items and Invoicing correctly. This tracking is critical in a real estate investment.

Improper tracking of rental income means you cannot easily determine who paid for what and when.