QuickBooks and Xero
Keep your company books in QuickBooks or Xero and send the property manager statement there.
For property managers
VRTrust keeps the detailed trust accounting. When your company books stay in QuickBooks Online or Xero, send them only your property manager statement, not the full trust activity.
Connect QuickBooks Online
- Go to Connections and click Add Connection.
- On the Accounting tab, find QuickBooks and click Connect.
- Log in to QuickBooks and approve access. If QuickBooks asks to change the admin, confirm. The previous admin keeps their role.
VRTrust fetches data from QuickBooks right away.
Map the accounts
In the settings of the connection:
- Map the revenue and expense accounts of manager activity to the matching QuickBooks or Xero accounts.
- Map every other account, owner activity and trust accounts included, to one offset account named Due From Trust.
| VRTrust account | QuickBooks account |
|---|---|
| Rental revenue of the manager | Rental Income |
| Cleaning expense of the manager | Cleaning Expense |
| Owner payable | Due From Trust |
| Trust accounts | Due From Trust |
When the property manager statement posts, revenue and expenses land in your profit and loss, and the offset lands in Due From Trust.
Trust cash in QuickBooks
Record trust activity in QuickBooks only as totals. Each trust deposit debits the trust bank account and credits one trust liability account. Bank rules in QuickBooks can do this. QuickBooks then shows total trust cash and total trust obligations, and VRTrust stays the record of the details.
Do not rebuild trust accounting in QuickBooks, and do not post the full trial balance from VRTrust to QuickBooks.