QuickBooks Bookkeeping for Real Estate Agents and Property Managers: Commissions, Rental Income & Expense Tracking

Real estate professionals manage transactions, clients, properties, vendors, and payments that do not always follow a predictable monthly pattern. Real estate agents may receive commissions only after transactions close, while property managers may coordinate recurring rent collections, maintenance payments, security deposits, and owner disbursements.

These different financial activities require organized records. Without a consistent bookkeeping process, an agent may struggle to understand business profitability after brokerage splits and marketing costs. A property manager may have difficulty reconciling rent collections, owner funds, vendor invoices, and management fees across multiple properties.

QuickBooks may help real estate professionals organize accounting transactions, monitor business expenses, reconcile bank accounts, and prepare financial reports. However, the appropriate setup depends on whether you are an agent, a property management company, a landlord, or a business performing more than one of these activities.

This guide explains practical bookkeeping workflows for US real estate agents and property managers, including commission tracking, rental receipts, property-level expense reporting, owner funds, vendor payments, and monthly reconciliation.

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Table of Contents

1. Why bookkeeping matters in real estate
2. Real estate agents vs. property managers vs. landlords
3. What QuickBooks can help you manage
4. How to organize QuickBooks for real estate
5. Tracking real estate commissions and agent expenses
6. Tracking rental income and property management fees
7. Owner funds, security deposits, and tenant payments
8. Tracking property expenses and vendor payments
9. Property-level reporting and cash flow
10. Practical bookkeeping examples
11. Common bookkeeping mistakes
12. Monthly bookkeeping checklist
13. When to consider professional bookkeeping support
14. Frequently asked questions
15. Conclusion

1. Why Bookkeeping Matters in Real Estate

Real estate income can be irregular, and expenses may vary significantly from month to month. Agents may pay for advertising, licensing, transportation, association dues, photography, and client-related business costs. Property managers may handle recurring maintenance, contractor invoices, rent collections, owner statements, and management fees.

Accurate bookkeeping helps you answer important business questions:

• How much commission revenue did the business earn during the period?
• How much did the agent retain after brokerage splits and other transaction costs?
• How much rent was collected for each property?
• Which expenses belong to the management company, and which relate to a property owner?
• Are vendor invoices paid, pending, or overdue?
• How much cash is available for the business's own operating expenses?
• Are property records and management reports consistent with bank activity?
• Are records organized for management review and tax preparation?

The IRS recommends maintaining records that help businesses monitor financial performance, identify sources of income, track expenses, prepare financial statements, and support tax reporting.

Official reference: IRS business recordkeeping guidance.

2. Real Estate Agents vs. Property Managers vs. Landlords

Before setting up QuickBooks, identify which real estate activities the business performs. These business models may share some expense categories, but they do not have identical bookkeeping requirements.

Business type	Typical financial activity	Primary bookkeeping focus
Real estate agent	Commissions, brokerage splits, marketing, transportation, licensing, and professional expenses.	Commission revenue, transaction-related costs, operating expenses, and business profitability.
Property management company	Management fees, vendor payments, owner disbursements, and property-related financial administration.	Management company revenue, operating expenses, reconciliation, and appropriate handling of client or owner funds.
Rental property owner	Rent, maintenance, insurance, property taxes, financing, and other ownership costs.	Income and expenses by property, asset records, liabilities, and reporting appropriate to the ownership structure.
Real estate investor	Property acquisitions, rental activity, improvement costs, financing, and eventual sales.	Property-specific records, acquisition costs, capital improvements, financing, and disposition-related records.

A business that acts as both a brokerage and a property manager may need separate reporting for each activity. A landlord who also operates a management company may need to distinguish the company's own finances from the finances of properties it owns or manages for others.

Do not assume that every transaction involving real estate is ordinary business income or an immediately deductible expense. The accounting and tax treatment depends on the nature of the transaction, the ownership structure, and applicable rules.

3. What QuickBooks Can Help You Manage

Depending on the selected product, subscription, and configuration, QuickBooks may support transaction categorization, bank reconciliation, invoicing, expense tracking, accounts payable, and financial reporting.

Bookkeeping need	How QuickBooks may help	What to check
Commission income	Record revenue and related transaction costs.	Reconcile records with brokerage statements and settlement documentation.
Rental income	Record rental receipts in an appropriate accounting workflow.	Maintain property-level detail and distinguish rent from other receipts.
Management fees	Record fees earned by the management company.	Reconcile the fees with management agreements and property records.
Property expenses	Organize repair, maintenance, utility, and other transactions.	Identify the property and determine whether the cost is an expense, asset, or owner-related transaction.
Vendor payments	Track bills and payments where supported by the selected plan.	Check approval, documentation, due dates, and correct payee.
Bank reconciliation	Compare accounting entries with bank statements.	Investigate transfers, duplicate entries, and unexplained differences.
Financial reports	Review profit and loss and other applicable accounting reports.	Confirm the reporting period and underlying account classifications.

QuickBooks is general accounting software. It should not automatically be treated as a complete property management system, tenant portal, leasing platform, trust-account compliance solution, or specialized real estate transaction system.

Confirm current product features before choosing a plan or designing an integration. The business may need separate systems for leases, tenant communication, maintenance requests, brokerage transactions, or detailed owner reporting.

Related reading: QuickBooks Bookkeeping Services for Small Businesses: What's Included and How to Choose a Provider.

4. How to Organize QuickBooks for Real Estate

A practical accounting setup starts with the business model and the reporting information needed by the owner, broker, manager, accountant, or tax preparer.

Step 1: Identify the legal entity and activity

Determine whether the records belong to an individual agent, brokerage, property management company, property-owning entity, partnership, or another structure. If several legal entities are involved, establish which transactions belong to each entity.

Do not combine separate businesses into one set of books simply because the same owner controls them. Separate accounting records may be necessary to support accurate reporting and legal or tax requirements.

Step 2: Separate business and client funds appropriately

Where practical, use dedicated business accounts for the company's own operating funds. If you manage money belonging to property owners or tenants, establish a process that reflects the relevant agreements and applicable state requirements.

Funds held for others should not automatically be treated as the management company's revenue. The accounting treatment depends on the relationship, the legal obligations, and how the funds are held and disbursed.

Step 3: Create a useful chart of accounts

The following accounts are illustrative and should be adapted to the business.

Account group	Illustrative categories
Revenue	Commission revenue, management fees, leasing fees, other earned service revenue, rental income where applicable
Operating expenses	Software, office costs, business insurance, professional fees
Marketing	Advertising, listing promotion, photography, website expenses
Travel and transportation	Eligible business mileage, travel, parking, and other applicable costs
Property operating costs	Repairs, maintenance, utilities, cleaning, and property-specific costs where appropriate
Financial accounts	Business checking, savings, credit cards, and appropriate clearing accounts
Liabilities and owner-related balances	Loans, accounts payable, security deposit liabilities, and amounts owed to property owners where applicable
Assets	Business equipment, qualifying property assets, and other assets appropriate to the entity

Not every account is appropriate for every business. For example, a real estate agent who does not own rental property generally does not need the same rental property asset structure as a landlord.

Step 4: Define a property and transaction identification method

If the business manages multiple properties, choose a consistent way to identify the property associated with each receipt, expense, vendor invoice, or owner disbursement. Depending on the software and workflow, this may use classes, locations, projects, customer or subaccount structures, or a separate property management system.

Before selecting a tracking method, confirm the reporting features available in the chosen QuickBooks plan. Avoid relying on a field or feature that the subscription does not support.

Step 5: Define how source systems feed the books

Identify the source of truth for commission statements, property management reports, lease information, tenant receipts, vendor invoices, and bank deposits. Establish how those records will be reconciled with the accounting ledger.

Where information is imported or summarized, document the process to avoid recording the same transaction twice. Keep supporting records available for review.

5. Tracking Real Estate Commissions and Agent Expenses

Real estate agents often earn commissions when transactions close, but the commission shown in a transaction record may not equal the amount the agent ultimately receives. Brokerage splits, transaction fees, referral arrangements, and other deductions may affect the final settlement.

Reconcile commission statements

Use brokerage commission statements and transaction documentation to determine how the payment should be recorded. The bookkeeping process should distinguish the amount earned from the amounts withheld or paid to other parties when the underlying arrangement requires that treatment.

For example, if a commission settlement shows gross commission, a brokerage split, and a net payment, recording only the net bank deposit as revenue may not accurately represent the transaction. The correct accounting entries depend on the contract and accounting method.

Track transaction-related costs

Potential expense categories for an agent may include:

• Brokerage and transaction fees.
• Advertising and listing promotion.
• Photography and marketing materials.
• Professional dues, licenses, and qualifying training costs.
• Business software and subscriptions.
• Eligible business travel, mileage, parking, and related costs.
• Professional services and business insurance.

Not every cost is automatically deductible. Maintain receipts and document business purpose, particularly for expenses that may have both personal and business use.

Monitor commission timing and cash flow

Because closings can be delayed and commission payments may fluctuate, agents should review expected receipts, completed transactions awaiting payment, and recurring expenses. A cash-flow forecast can help identify periods when operating expenses are due before the next commission arrives.

Related reading: QuickBooks Cash Flow Management: How to Forecast Income, Expenses, and Upcoming Payments for a Small Business.

6. Tracking Rental Income and Property Management Fees

Property managers and landlords must distinguish rental receipts from the management company's own earned revenue. The correct workflow depends on whether the business owns the property, manages it for another owner, or performs both activities.

For landlords: record income and expenses by property

A landlord's accounting process should identify rent receipts and relevant expenses for each property. Depending on the circumstances, receipts may include regular rent, advance rent, retained security deposits, or other amounts that require specific treatment.

The IRS explains that rental income generally includes payments for the use or occupation of property, and that the treatment of security deposits depends on whether they are refundable or applied to rent or other obligations. Consult the official guidance for details.

Official reference: IRS guidance on rental real estate income, deductions, and recordkeeping.

For property managers: distinguish fees from owner funds

A property management company may collect rent on behalf of a property owner and retain a contractual management fee. The full rent collected should not automatically be treated as the management company's own revenue.

Establish a process that reconciles:

• Rent and other amounts collected on behalf of owners.
• Management and leasing fees earned under the applicable agreement.
• Approved property expenses paid or arranged by the manager.
• Amounts owed to property owners.
• Amounts retained or held for tenants and other parties, as applicable.
• Owner disbursements and adjustments.

The specific accounting method should reflect the legal arrangement and applicable requirements. Property management companies should also confirm whether state law, licensing rules, or their agreements require particular handling of client or trust funds.

Do not treat all rent-related receipts the same

Rent, refundable security deposits, advance rent, reimbursements, late fees, and other charges may have different accounting or tax treatment. Maintain clear source documentation and obtain qualified advice for uncertain transactions.

For additional information, see IRS Publication 527: Residential Rental Property.

7. Owner Funds, Security Deposits, and Tenant Payments

Property managers may handle money that belongs economically or legally to someone else. This creates additional recordkeeping responsibilities compared with an ordinary service business.

Track amounts owed to property owners

Maintain records that show what was collected, what approved expenses were paid, what fees were earned, and what remains payable to each owner. The property management system or supporting schedule should reconcile with the accounting records and relevant bank balances.

Amounts owed to owners should not be confused with the management company's own operating income. Use a consistent reconciliation process and investigate any unexplained differences.

Handle security deposits carefully

A refundable tenant security deposit is generally not ordinary rental income merely because it has been received. Its treatment depends on the agreement, applicable law, and whether the amount is later applied to rent or retained for another permitted reason.

State and local laws can impose specific requirements for how security deposits are held, accounted for, returned, and disclosed. Do not rely solely on a generic QuickBooks account setup to establish compliance.

Maintain a clear audit trail

For owner and tenant transactions, preserve appropriate supporting documentation, including receipts, invoices, lease-related records, payment records, approvals, and disbursement details. Restrict access to financial information and follow applicable retention and privacy requirements.

8. Tracking Property Expenses and Vendor Payments

Property-related expenses may include maintenance, repairs, utilities, insurance, cleaning, landscaping, advertising, management software, and professional services. Consistent classification helps owners understand costs and identify unusual spending.

Distinguish operating costs from improvements

Not every property expenditure should be recorded as an ordinary repair expense. Some costs may need to be capitalized and recovered over time under applicable accounting or tax rules.

For example, routine work to keep a property in good operating condition may receive different treatment from a major renovation that improves or restores the property. The correct treatment depends on the facts and applicable requirements.

Official reference: IRS Publication 527: Residential Rental Property.

Track vendor bills and approvals

Property managers may coordinate work by plumbers, electricians, cleaners, landscapers, and other contractors. A consistent process should capture the vendor, property, service date, invoice amount, approval status, payment date, and supporting documentation.

Where a manager pays a vendor using owner funds, the records should distinguish the property-related transaction from the management company's own operating expenses. The correct treatment depends on the contractual and accounting arrangement.

Review recurring expenses

Review insurance, utilities, subscriptions, maintenance contracts, and other recurring charges. Unusual increases or duplicate charges should be investigated rather than accepted automatically.

For agents, the review may focus more on advertising, transportation, software, professional fees, and brokerage costs. Use categories that reflect the business's actual activities.

9. Property-Level Reporting and Cash Flow

A business-wide profit and loss report may not be enough for a property manager or investor with several properties. You may need property-level reporting to understand which locations generate income, incur high maintenance costs, or have outstanding balances.

Reports that may be useful

Report or schedule	What it helps you review
Profit and loss	Business income and expenses over a defined period.
Balance sheet	Assets, liabilities, and equity at a point in time, where applicable.
Property income and expense summary	Financial activity associated with each property.
Accounts payable aging	Vendor bills that remain unpaid, where applicable.
Accounts receivable or rent aging	Amounts due from tenants or clients, using the appropriate system.
Owner funds reconciliation	Amounts collected, paid, retained, and owed to owners.
Cash-flow forecast	Expected receipts and upcoming payments.
Fixed asset schedule	Significant equipment or property assets and related accounting records.

Not every report is available directly from every QuickBooks plan. A property management system or supporting spreadsheet may be required for detailed tenant balances, owner statements, or property-level information.

Review performance without confusing revenue and cash

Revenue, accounting profit, and cash available are different measures. A property may show positive income but still face a cash shortage because of vacancy, major repairs, debt payments, delayed collections, or funds held for owners.

Review the accounting reports alongside bank reconciliations, upcoming obligations, and relevant property management records. Do not rely on one figure alone to assess financial health.

10. Practical Bookkeeping Examples

Example A: A real estate agent receives a commission

Consider a fictional agent whose transaction statement shows a gross commission of $12,000, a brokerage split of $4,000, and a separate transaction fee of $300. The agent receives $7,700 in the bank.

Illustrative item	Amount
Gross commission shown on the settlement statement	$12,000
Brokerage split	$4,000
Transaction fee	$300
Net payment received	$7,700

The bookkeeping process should reflect the transaction's actual terms and supporting documentation. Recording only the net deposit as commission income may not present the full transaction correctly. Whether the brokerage split and fee are recorded as separate expenses or treated differently depends on the contract and accounting method.

Example B: A property manager collects rent for an owner

Consider a fictional property manager who collects $8,000 in rent for a property owner and earns a $640 management fee under the management agreement. The remaining amount is not automatically the management company's revenue.

Illustrative item	Amount
Rent collected on behalf of owner	$8,000
Management fee earned under the agreement	$640
Amount remaining before other approved expenses or adjustments	$7,360

This simplified example assumes no other expenses, adjustments, or obligations. The actual accounting entries must reflect the contractual arrangement and applicable rules. The manager should reconcile the rent collection, fee, owner balance, and any disbursement to supporting records.

Example C: A landlord pays for a property repair

A landlord pays $450 to repair a damaged fixture. The payment should be associated with the correct property and supported by the vendor invoice. Whether the cost is treated as a current repair expense or part of a capital improvement depends on the nature of the work and applicable rules.

These examples show why identifying the business model, transaction source, property, and legal relationship is essential before categorizing a transaction.

11. Common Bookkeeping Mistakes in Real Estate

Mistake	Potential consequence	Better practice
Recording net commission deposits without reviewing settlement statements	Revenue and transaction costs may be misstated.	Reconcile commission records with the actual agreement and settlement documentation.
Treating all rent collected by a manager as company revenue	Owner funds may be confused with management income.	Separate earned fees from amounts collected or held for others.
Combining multiple properties without adequate tracking	Property-level costs and results become difficult to identify.	Use a consistent property identification and reporting method.
Recording refundable security deposits as ordinary income	Liabilities and revenue may be misstated.	Review the agreement and applicable requirements before classifying the receipt.
Classifying every renovation as a current expense	Assets, expenses, and tax records may be incorrect.	Review repairs and improvements under the applicable rules.
Skipping bank reconciliation	Missing or duplicated transactions may remain undetected.	Reconcile accounts regularly and investigate unexplained differences.
Mixing funds across separate legal entities	Financial reports and supporting records may become unreliable.	Maintain separate records and accounts as appropriate to each entity.
Ignoring overdue vendor bills or tenant balances	Cash-flow and collection issues may go unnoticed.	Review aging reports and follow up through the proper process.
Assuming all business expenses are deductible	Tax records may be inaccurate.	Keep documentation and seek qualified tax advice when needed.

If your books already contain duplicate entries, unexplained balances, or several months of unreconciled transactions, consider a structured cleanup before relying on reports for business decisions.

Related reading:

• QuickBooks Cleanup Services: How to Fix Messy Books for Your Small Business
• QuickBooks Catch-Up Bookkeeping: How to Get Behind-on-Books Records Up to Date
• QuickBooks Bank Reconciliation Discrepancies: How to Find and Fix Them

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12. Monthly Bookkeeping Checklist for Real Estate Professionals

Use the checklist that matches your business model. Property managers and landlords may need additional controls for property-owner funds and security deposits.

For real estate agents

• Collect brokerage statements and transaction settlement records.
• Record commission income using the appropriate supporting documentation.
• Reconcile commission deposits with bank statements.
• Review brokerage splits, transaction fees, and other transaction costs.
• Categorize marketing, software, licensing, and other business expenses.
• Organize receipts and document the business purpose of unusual costs.
• Review outstanding receivables and expected commission payments.
• Reconcile bank and credit card accounts.
• Review monthly income, expenses, and cash flow.

For property managers and landlords

• Reconcile rent collections with property management records and bank activity.
• Review management fees earned under applicable agreements.
• Reconcile amounts owed to property owners and related disbursements.
• Review security deposit records and relevant obligations.
• Match vendor invoices with approvals, property details, and payments.
• Review repairs, maintenance, and potentially capitalizable improvements.
• Review overdue tenant balances and unpaid vendor bills.
• Reconcile bank accounts and credit cards.
• Prepare or review property-level income and expense reports.
• Investigate unusual balances and document corrections.
• Securely retain supporting records and limit access to financial information.

High-volume operations or businesses managing funds for multiple owners may need more frequent reconciliation and additional review controls.

13. When to Consider Professional Bookkeeping Support

Managing bookkeeping internally may be practical for an agent with a small number of transactions or a landlord with a simple property portfolio. Professional support may be useful when the business has multiple entities, many properties, owner funds, complex commission arrangements, or a growing accounting backlog.

Signs you may need support

• Commission statements and bank deposits do not reconcile.
• Property income and expenses cannot be separated reliably.
• Owner balances or security deposit records are unclear.
• Vendor payments and approvals are difficult to track.
• Financial reports do not match bank or property management records.
• Books are several months behind.
• You need consistent monthly reporting for multiple properties.
• You are unsure how to record major repairs, improvements, loans, or property acquisitions.

Questions to ask before engaging a professional

• Have they worked with real estate agents, property managers, landlords, or businesses like yours?
• What bookkeeping and reporting services are included?
• Can they reconcile commission statements, rental receipts, and bank transactions?
• How will they handle property-level reporting and owner-related balances?
• Will the work include cleanup, monthly reconciliation, accounts payable, or financial reports?
• What software and source documents will they need to access?
• How will confidential client, tenant, and owner information be protected?
• What are the fees, deadlines, communication arrangements, and limits of the service?
• Are tax preparation, legal advice, trust-account compliance, and property management services included or excluded?

Bookkeeping does not automatically include tax preparation, legal advice, property management, or regulatory compliance. Verify that the independent professional is qualified for the specific work you need.

Explore your options: IndiaBizExperts facilitates connections with independent professionals. It does not itself provide bookkeeping, accounting, tax, or property management services, and it does not guarantee a professional's suitability or results.

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14. Frequently Asked Questions

1. Can real estate agents use QuickBooks for bookkeeping?

QuickBooks may help agents track commission income, business expenses, bank activity, and financial reports. The appropriate setup depends on the agent's business structure, transaction volume, brokerage arrangements, and reporting needs.

2. Can property managers use QuickBooks to track multiple properties?

QuickBooks may support accounting and reporting workflows for multiple properties, depending on the product and configuration. Detailed tenant management, lease administration, maintenance requests, and owner reporting may require a dedicated property management system.

3. Should a property manager record all rent collected as revenue?

Not automatically. When a manager collects rent on behalf of a property owner, some or all of the funds may be amounts held or payable to that owner rather than revenue earned by the management company. The correct treatment depends on the agreement and accounting arrangement.

4. How should a real estate agent record commission income?

Use brokerage statements and transaction documentation to identify the amount earned and any related splits, fees, or deductions. The appropriate accounting entries depend on the agreement and accounting method.

5. How should a landlord track rental income?

Maintain records of rent receipts and other rental-related amounts, identify the property, and reconcile the records with bank deposits. Keep supporting documentation and seek tax advice for unusual receipts or uncertain classifications.

6. Are security deposits rental income?

A refundable security deposit generally is not treated as ordinary rental income when received if it is intended to be returned. Its treatment may change when it is applied to rent or retained for another reason. Review the lease, applicable law, and IRS guidance.

7. How should property management fees be recorded?

Record fees according to the management agreement and reconcile them with the rent collection and owner statement. Keep the management company's earned revenue distinct from amounts collected or held for property owners.

8. Can QuickBooks track expenses by property?

Property-level tracking may be possible through available reporting features and a suitable account or tracking structure. Confirm which features your plan supports and consider a property management system if you need detailed tenant or owner reporting.

9. What expenses should real estate agents track?

Potential categories include brokerage fees, advertising, photography, software, licensing, professional fees, and eligible business travel. Maintain receipts and verify the tax treatment of each expense rather than assuming every cost is deductible.

10. How should property repairs and improvements be categorized?

Routine repairs and capital improvements can receive different accounting and tax treatment. Keep invoices and descriptions of the work, and consult qualified guidance for substantial renovations or uncertain transactions.

11. Does QuickBooks replace property management software?

Not necessarily. QuickBooks focuses on accounting, while property management platforms may handle leases, tenant communication, rent collection workflows, maintenance requests, and owner statements. Some businesses use both systems and reconcile their financial records.

12. How often should real estate businesses reconcile their accounts?

Monthly reconciliation is a useful baseline for many small businesses. Property managers who handle frequent transactions or funds for multiple owners may need more frequent reconciliation and additional controls.

13. What should I do if my real estate books are several months behind?

Collect bank statements, commission records, rent reports, vendor invoices, and other supporting documents. Identify missing periods, reconcile accounts, review property-level balances, and correct entries using documented evidence. Consider cleanup support if the backlog is complex.

14. How much does real estate bookkeeping support cost?

Fees depend on transaction volume, number of properties or accounts, record condition, reporting requirements, and service scope. Ask for a quote that clearly states whether cleanup, monthly reconciliation, owner reporting, and tax-related services are included.

15. Can a bookkeeper help with tax preparation?

Some professionals provide bookkeeping and tax services, while others do not. Confirm the scope and qualifications before engaging them. Real estate tax issues can involve rental income, depreciation, property improvements, business structure, and other specialized rules.

16. How can I find an independent real estate bookkeeping professional?

You can request a connection through IndiaBizExperts, a facilitation platform. Before engaging a professional, review their relevant experience, qualifications, proposed scope, reporting process, availability, and fees.

Request a connection with an independent professional

15. Conclusion: Build a Reliable Real Estate Bookkeeping Process

Real estate agents, property managers, and landlords have different bookkeeping needs, but all benefit from consistent records and regular reconciliation. Agents need clear commission and expense records. Property managers need a reliable way to distinguish earned fees from owner funds. Landlords need property-level income and expense records that support financial review and tax preparation.

QuickBooks may help organize accounting transactions and reports when it is configured appropriately and maintained using reliable source records. The most important steps are to identify your business model, use consistent categories, reconcile bank activity, retain supporting documents, and review financial reports regularly.

If you manage multiple properties, handle owner funds, or have a backlog of unreconciled transactions, consider discussing your needs with an appropriately qualified independent professional.

Need bookkeeping support? Request a connection with an independent professional through IndiaBizExperts. IndiaBizExperts facilitates connections; the professional independently determines their services, qualifications, availability, and fees.

Editorial Note

This article is for general educational purposes and is not accounting, legal, real estate, or tax advice. Applicable requirements vary by business model, property ownership, state law, agreements, and individual circumstances. Consult appropriately qualified professionals for specific advice. QuickBooks is a third-party product; this article does not imply affiliation with or endorsement by Intuit.