The best way to track income and expenses by property is using classes in QuickBooks. Classes let you tag every transaction with a property name so you can run a profit and loss report for each building separately.

Without property-level tracking, you only see totals across your entire portfolio. You know your overall revenue and expenses, but you have no idea which properties are profitable and which ones are dragging down the business. A building might look fine based on rent collected, but when you factor in repairs, utilities, and management time, it could be losing money every month.

In QuickBooks Online, go to Settings, then Advanced, and turn on “Track classes.” Create one class for each property using an identifier that makes sense to you. Address, unit number, or property nickname all work. Keep the naming consistent so you can find things later.

Once classes are enabled, assign a class to every transaction. When you record rent received, tag it with the property class. When you pay for a repair at one building, assign that expense to that building’s class. QuickBooks then lets you filter your profit and loss by class, giving you a complete financial picture for each property.

The challenge comes with expenses that span multiple properties. Management software subscriptions, office costs, and your own time don’t belong to any single building. You have a few options. You can create an “Overhead” class for shared expenses and view it separately. You can allocate shared costs proportionally across properties based on square footage or unit count. Or you can skip allocation for day-to-day tracking and only factor it in during quarterly or annual reviews.

Consistency matters more than the specific method you choose. If you categorize a repair as “Maintenance” for one property and “Repairs” for another, your reports won’t be comparable. Set up standard expense categories and stick to them across all properties.

For property management and facility services firms, per-property tracking is essential for understanding which contracts or buildings are actually worth keeping. Some businesses use QuickBooks locations instead of classes, especially if they have employees assigned to specific sites. Both work. Classes are more flexible for most property management setups.

Monthly small business bookkeeping on Long Island that assigns transactions correctly from the start saves hours of cleanup later. Running reports is easy once the data is in the system properly. The real work is in the consistent, accurate entry of transactions with the right property tags every time.