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Case Study 2

Property-Level Bookkeeping for a Multi-Property Rental Owner

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Real estate | July 2023

A long-term rental property owner with multiple properties

NovaTech Solutions is a fast-growing IT and software development company based in Jakarta, Indonesia. As they expanded, their internal team struggled to keep up with the volume of financial transactions, vendor payments, and monthly reports. They approached our firm seeking a structured bookkeeping system and accurate financial documentation to support decision-making and compliance.

Client Overview & Business Challenge

The client owns several rental properties, but income and expenses for all of them ran through shared bank accounts and cards. Rent, repairs, mortgage payments, property taxes and insurance were mixed together, so the client couldn’t see how each property was performing. Year-end tax preparation meant hours of sorting transactions by property.

Strategy & Approach

  • Set up QuickBooks Online with a class for each property, so every transaction is tagged to the right one
  • Built a chart of accounts suited to rentals: rent income, repairs and maintenance, property management fees, mortgage interest, property taxes and insurance
  • Split mortgage payments into principal and interest, and reconciled every bank and card account monthly
  • Sent the client a regular list of review items and open questions, so issues were cleared monthly instead of piling up for year-end

Results & Business Impact

  • A clear profit and loss for every property using QBO's P&L by Class report, not just the portfolio as a whole
  • Reconciled, tax-ready books by property, which makes Schedule E reporting quick for the client's CPA
  • Better decisions: the client could see which properties made money and which didn't, and use that to decide on rent increases, repairs and whether to hold or sell
  • Cost savings: property-level reports highlighted high repair and maintenance costs, so the client could review vendors and control spending
  • Lower tax prep costs: clean, categorized books meant less time and lower fees at tax time, with fewer missed deductions

Key Learning

For a rental owner, books are only useful if they’re organized by property. Tagging each transaction to its property from day one, and clearing open questions monthly, turns a pile of mixed transactions into reports the owner can make decisions from.

“Working with your team was a turning point for our operations. We finally feel in control of our numbers, and making decisions has never been this clear. The level of professionalism and consistency is outstanding.”
Clara Wijaya
Chief Operating Officer, NovaTech Solutions

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