If I have one checking account that all my income goes into and all expenses go out of can I run a P&L for each separate enitiy. for example I have two rental houses, interest income, and personal living expenses. I would like to run 3 separate P&L for each group not one all inclusive. Again all income and expenses come from one checking account. thank you, Maureen Fichera
If you have two rental properties, the first thing you want to do is set up a separate bank account for rental income to flow through. You don’t want to commingle rental income with your personal accounts and living expenses. You can use a regular separate checking account. It doesn’t have to be a DBA. They key is to separate the funds.
You didn’t say what the source of the interest income is, so I’m not sure how to advise you on that. You wouldn’t need a P&L for your personal living expenses and income. P&L is typically used for business accounting.
You can run a P&L on your rental property income and expenses, depreciation, etc.
Here are some articles that might be helpful:
Profit and Loss: https://fitsmallbusiness.com/profit-and-loss-statement-pl-income/
Quickbooks P&L: https://fitsmallbusiness.com/profit-and-loss-statement-sample-quickbooks-online/
Hope this helps!
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