How do I record a rental property in chart of accounts?

I appreciate you posting here with your concern, Kate-cairns. I'll share some information about the Fixed asset option in the Chart of Accounts.

Beforehand, when recording specific transactions, I'd suggest consulting your professional advisor to help you record your transactions accurately. They can assist you with the correct accounts to use and ensure they are balanced.

Also, since the fixed asset option is not on the account type list, you can choose Current Assets. To be more guided on what accounts to use, please reach out to your accountant for its accuracy.

Moreover, you can visit these articles to help keep your accounts simple and organised:

• Make an account inactive on your chart of accounts in QuickBooks Online.
• Run reports in QuickBooks Online.

Also, this contains overviews of your financial reports about the different aspects of your business.

Let us know if you have additional QuickBooks-related concerns. We'll be right here, willing to assist. Have a good one!