Residential Property Management/Rental Property Owner Statement
I am using quickbooks to create property owner statements as part of property management company. I would like to create monthly property summary reports. Would you be able to advise me on how to create a specific report in quickbooks? I have tried customizing every report and statement quickbooks pro has. I would like a beginning and end cash balance. Additions should include income AND owner contribution accounts. Subtractions should include expenses AND owner draw. I would also like to show a cash reserve of $800 from the owner. Sample image attached.
The "Statement of Cash Flows" in Quickbooks provides a beginning and ending cash balance over a chosen period of time. You can do a summary on one page or you can show all the individual transactions.
A cash reserve that exists from a prior period won't show on a Statement of Cash Flows, because that statement only show changes that occur in the reporting period. You may want to consider also providing a balance sheet.
There is a temptation to create a custom report that has everything on one page, but I've found that these often confuse people. Most of my clients ask for just a standard report in a format they're familiar and that their CPA will understand at tax time.
In California we're required to track client money ("trust funds") according to specific guidelines established by the State. You may want to check with your state regulating agency to make sure your accounting procedures and reports meet their requirements.