Bookkeeping for Real Estate Firms

We track income and expense to the individual property and deal, so profit shows up at the level you can act on. Each rental, flip, or development carries its own rent, financing cost, taxes, insurance, management, and repairs, and every month you get a profit picture per asset alongside the consolidated total. That tells you which properties fund the firm, which to refinance or sell, and what a flip really returned after every carrying cost. We use the class, location, or property tagging in QuickBooks Online so the split holds without a separate spreadsheet.

We track commission income and its splits cleanly by agent and by transaction, so each closing shows the gross commission, the agent share, referral fees paid out, and what the brokerage keeps. Agent payouts reconcile to the deals behind them, the house split is a number you can watch, and W-9s are collected as agents come on. When the year closes, 1099-NEC filing for agents and referral partners is a routine export from records that already tie out, not a reconstruction from bank memos.

We keep a clean set of books for each entity, with intercompany transfers recorded on both sides so nothing is lost or double-counted, and consolidate them into one picture when you want the whole portfolio at a glance. Each LLC stands on its own for its lender and its tax return, while the holding view shows total performance. That keeps ownership defensible, keeps each entity financeable, and hands your tax preparer clean, separate books instead of a commingled mess to sort out in April.

We book each closing line by line from the settlement statement, so the property goes on the books at the right basis, loan proceeds and payoffs land correctly, and prorated items are split the way the closing shows. Through the year we separate deductible repairs from capital improvements and track improvements by property so depreciation and gain are already right when the return is prepared. Your tax preparer gets a clean fixed-asset and basis trail per property instead of a pile of closing PDFs to reconstruct.

We run your books on QuickBooks Online or Xero on a monthly cycle. Every transaction is categorized against a chart of accounts built for real estate, every bank, credit card, mortgage, and line of credit is reconciled to the statement, and payroll from your provider is booked correctly. You get a profit and loss statement, balance sheet, and cash flow summary on the same date every month, with per-property detail behind the totals, a short note on anything that moved, and one batched question list instead of a drip of emails.

We keep accrual-clean, property-level records with the reporting a lender, a partner, or a qualified intermediary expects, so your bookkeeping supports the deal instead of holding it up. When you refinance, the property’s income and basis are already documented; when a partner comes in, capital accounts and distributions are tracked so ownership math is clear; and for a 1031, the relinquished and replacement property basis and boot are recorded correctly. The same practice that handles technical accounting for venture-backed and public companies stands behind the numbers.

The work is done in QuickBooks Online or Xero, read-only bank feeds across your entity accounts, and a shared inbox for the closing statements, mortgage statements, and bills we need. You get a fixed monthly delivery date, a standing way to reach us, video calls when a conversation beats an email, and a CPA who answers within one business day. You also get a CPA-led team at a flat monthly price a solo bookkeeper cannot match on depth, keeping your books to the standard the rest of our practice works to.