Accounting Best Practices for Multiple Units on One Property
Wanted to get an idea of best practices where a single property has multiple parcels. Each parcel/building is individually deeded, but were all purchased under one transaction with a single mortgage and all managed by the same property manager. Do you need to track financials for each building separately or would you roll them up?

Different accountants have given me conflicting advice.
[{"id": "ib7ssqm", "text": "if you every want to sell off parcel/buildings individually, you may want to keep the accounting separately while also looking at it as a portfolio of properties.  keeping accounting separate by parcel/building may help you pinpoint issues/trends (of course, you should also have a financial roll up).  You could also set up separate legal entity for each parcel/building to try to mitigate risk/liabilities.", "replies": [{"id": "ib7vxqe", "text": "Thanks - I figured that might be the case. I do not relish breaking out the statement from our property manager every month for dozens of units.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ibbqgbv", "text": "Definitely keep separate books, each book will have itself own share of assets, liabilities, and P&amp;L. For expenses that are not traceable, allocate it based on the value upon purchase. At the end of the day, P&amp;L and purchase price are very important data when selling, just keep that in mind. Everything else are honestly not super important from asset manager perspective.", "replies": [], "depth": 1}, {"id": "ibujdrz", "text": "I own two buildings, but 10 addresses.\n\nIn QuickBooks, you can keep everything in one account, but assign classes to each line in a transaction. This will be the best solution for you.", "replies": [], "depth": 1}]