The Top 7 QuickBooks Online Features That Will Optimize Your Real Estate Bookkeeping

Let’s face it, being a real estate investor can feel like you’re constantly wearing multiple hats while trying to play a high-stakes game of strategy.

Between driving 50 miles to check out a promising vacant lot your business partner just tipped you off about—only for it to turn into an unexpectedly expensive road trip—and making what feels like a dozen runs to Home Depot for your latest rehab project, when do you actually find the time to log into QuickBooks Online and sort through your bank feed?

Now, imagine if your QBO bank feed was always up to date and you had real-time financials at your fingertips—especially in those high-pressure moments when you're submitting an application to a private money lender. A scalable accounting system that seamlessly tracks profitability, manages multiple LLCs, keeps tabs on every property, and streamlines both invoicing and vendor payments could be a game-changer for your business.

Managing real estate investments isn’t just about finding great deals—it’s about staying on top of your numbers. Whether you’re flipping houses, managing rentals, or juggling multiple properties across different LLCs, QuickBooks Online (QBO) can help streamline your real estate bookkeeping. But to truly get the most out of QBO, real estate investors need to use these key features to turn their accounting platform into a powerhouse.

Over the years, I’ve helped many investors clean up messy books, set up better systems, and gain real-time insights into their finances. One investor I worked with struggled to keep track of multiple rehab projects and didn’t know if he was making or losing money until months later. By using the Projects Portal (which we’ll cover below), he was able to see real-time profitability for each flip, which completely changed the way he managed his business.

Let’s dive into the top 7 QuickBooks Online features every real estate investor should be using.

1. Bank Feed for Automatic Transaction Importing

One of the biggest time-wasters in real estate investor bookkeeping is manually entering transactions. That’s where the Bank Feed comes in. QBO connects directly to your bank and credit card accounts, pulling in transactions automatically.

Why It’s a Game-Changer for Investors

• Saves time by reducing manual entry

• Ensures every transaction is captured and categorized

• Helps with reconciliation to keep financials accurate

Pro tip: Set up bank rules to automatically categorize expenses like mortgage payments, property management fees, and materials from suppliers. Make sure not to use Auto Add so you can review transactions before they hit your books.

2. Chart of Accounts for Organized Financials

Your Chart of Accounts is the backbone of your bookkeeping system. It’s how you categorize income, expenses, assets, and liabilities. For real estate investors, having a properly structured Chart of Accounts based on your investment strategy (such as fix and flip, short-term rental, long-term rental, wholesaling, etc.) is critical to tracking profitability and preparing for tax season.

Key Accounts to Include

• Rental Income

• Security Deposits (Liability Account)

• Repairs and Maintenance (Expense Account)

• CapEx (Asset Account)

• Notes Payable (Liability Account)

• Interest Expense

• Property Taxes

A well-organized Chart of Accounts ensures you’re tracking the right numbers to optimize your real estate investment bookkeeping.

3. Projects Portal with Products & Services for Profitability Tracking with Job Costing

If you’re flipping houses or doing major renovations, the Projects Portal in QBO is a must. It allows you to track income and expenses for each property individually and see true profitability per renovation.

To take it a step further, real estate investors should use the Products and Services section to set up cost codes for job costing. By using Products and Services, you can categorize expenses specific to rehabs, renovations, and maintenance.

Example Cost Codes

• Demolition

• Rough Electrical

• Final HVAC Installation

• Plumbing Repairs

• Landscaping

Real-Life Example

One of my real estate investor clients, Jeffrey, was juggling three renovation projects at the same time but had no clear visibility into how much he was spending on each one. After we set up the Projects feature in QuickBooks Online, he was finally able to track all material and labor costs by property.

As a builder, Jeffrey wanted a more detailed breakdown by phase of construction.

We implemented cost codes using Projects & Services to track specific stages of each renovation. This gave him the ability to drill down into his spending—for example, knowing exactly how much was spent on framing, electrical, or finish work. Every expense was accurately tagged with the appropriate cost code to maintain data integrity.

When Jeffrey completed his next flip, he knew precisely how much profit he made and how to budget more effectively for future projects. Jeffrey loves this technique and wished to have known it sooner!

4. Class Tracking for Property Differentiation

If you own different types of properties (e.g., short-term rentals, single-family rentals, flips), Class Tracking allows you to separate financials by investment strategy.

How It Helps

• Compare profitability of flips vs. long-term rentals

• Track income and expenses separately

• Generate clear financial reports per class

5. QuickBooks Online Mileage Tracking

Real estate investors, agents, and realtors are always on the go—driving to open houses, property sites, client meetings, and networking events. Vehicle use is a significant business expense in the real estate industry. Leveraging the built-in QBO Mileage Tracker ensures every business mile is accurately logged and ready to be deducted at tax time.

Why It’s Useful

• Streamlines mileage tracking directly in QuickBooks

• Helps determine the most advantages deduction: Standard Mileage vs. Actual Expense

• Maximizes tax savings by ensuring no eligible miles are missed.

6. Recurring Tenant Invoicing for Rental Income Tracking

For buy-and-hold investors, Recurring Invoicing helps automate rent collection.

Benefits

• Ensures tenants receive invoices on time

• Helps track payments

• Reduces missed payments

• Sends automated reminders for late payments

7. Vendor Bill Payments and 1099 Filing with QBO Payments

QBO Payments allows real estate investors to pay contractors electronically and track expenses for 1099 filing.

Key Features

• Automate bill payments

• Track contractor expenses

• Generate and file 1099s from QBO

So, knowing the benefits of using QuickBooks Online for your real estate investor bookkeeping is one thing, but actually implementing these features to reap the benefits is another. But don't worry, we're here to help.

I'm Cameron, and I've been where you are.

I know firsthand how overwhelming it can be to juggle multiple responsibilities just to keep your real estate business running smoothly.

That’s why I started Check Bookkeeping—to help real estate investors like you take control of your finances with confidence. We do more than just track transactions; we give you the clarity and support you need to make informed decisions and scale your business.

Want to see how we can simplify bookkeeping for your business?