Looking to set up a Quickbooks Online account for your real estate business? You’ll need to start with a good Chart of Accounts. Whether you’re a solo agent or a large team, the gold standard for a real estate charts of accounts is the MREA (Millionaire Real Estate Agent) Chart of Accounts.
You could manually enter every single one of the 130 categorization accounts for your income and expenses OR you could skip hours of manual entry with this free Excel (.csv) template based on the 2009 MREA Chart of Accounts. This can be uploaded directly to your new Quickbooks Online Account and with a few additional steps, outlined below, you’ll be up and running in no time!
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Step 1: Download the MREA Chart of Accounts Excel (.csv) file here.
Step 2: Enable Account Numbers. Click on the Gear Icon in the top right corner of your Quickbooks Online account. Under ‘Your Company’, click on ‘Account and Settings’. Under ‘Advanced’, find the Chart of Accounts section and click the checkboxes for both ‘Enable Account Numbers’ and ‘Show Account Numbers’. Hit the Save button and exit the menu.
Step 3: Import the MREA Chart of Accounts. Navigate to the Chart of Accounts page under the Accounting tab on the left side of your screen. In the top right corner of this page, click on the down arrow next to the green New button, then click ‘Import’. Follow the steps in the import wizard to upload the MREA Chart of Accounts you downloaded in Step 1.
Step 4: (Very Important) Create Sub-Accounts. This last step will take a bit of time, but is extremely important for ensuring that your reports are properly formatted. The accounts you just uploaded need to be sorted into a hierarchy of parent accounts and sub-accounts. A parent account should show a balance on your reports that totals the balance of all of its sub-accounts. For instance, if a parent account has two sub-accounts, each with a balance of $100, then the parent account will show a balance of $200 on your reports.
The good news is that you don’t need to guess which accounts are parent accounts and which ones are sub-accounts. Every account has a number, and sub accounts have one more non-zero digit than their parent accounts. For example, 65100 and 65200 are sub-accounts of 65000.
In order to build this hierarchy for your Chart of Accounts, you need to visit the Chart of Accounts page and edit each sub-account by clicking on the down arrow button on the far right of the account line. Once you click ‘Edit’ a dialogue box will appear as shown below. Click the checkbox next to ‘Is sub-account’ and then choose the corresponding parent account from the drop-down. You’ll need to repeat this process for each sub-account. For more information on this process, visit this support page on the Quickbooks website.
Congratulations on getting your Chart of Accounts set up! Now go out there and close some deals so you have something to organize!
Questions about this process? Email me at firstname.lastname@example.org for help!
Get the Free Template
MREA Chart of Accounts Excel (CSV) File for Quickbooks Online