First off let me say that I've purchased your book and I'm thrilled that I did. It contains an amazing amount of information and makes this somewhat murky process much clearer and easier to understand than I could have imagined.
Now for my question. I'm setting up Quickbooks for owners of 2 properties that each have their own separate tax ID and entity name. I've seen you mention a bunch on here that it is possible to set up one company file and separate the entities with different classes, however that also requires making duplicate accounts for each entity and makes some of the reporting trickier. Besides for having to switch between company files, is there any downside to setting up these properties as separate entities? If so, would it then make sense to list the building as the company and the units as customers and the tenants as jobs of the unit they live in?
There is no management company as they are going to care for the buildings themselves to save on the fees. The most of the overhead expense items (not COGS) for running the office and employee (myself) that will support these buildings is shared by both entities. How would you suggest entering these into the separate entity company files if I choose to go in that direction? I was thinking of allocating a percentage share of expense per square foot and allocating these to each file - I understand that this means entering bills twice in different amounts that won't match invoices in each building, and that I'd probably have to keep a separate running file with this information, but I can't see another way to do it. They have another company that is involved in non-real estate activity that will also use Quickbooks and will share some ownership over the overhead expenses, and this will need to be entered as well.
Finally, I don't know if it applies but could you email me the PDF on Property Management that I've seen mentioned? Any extra info would be great.
Thanks so much in advance for any help you can offer, and again I really appreciate your product and your high level of customer service!