However, you also have the option to connect Rentalutions with QuickBooks Desktop to sync your transactions automatically. To give you the complete details of this process, please check out this link: Create a property management company.
In the Make Deposits window, select the Deposit To drop-down, then choose the checking sub-account for the property. In the Payments to Deposit window, select the payments to deposit, then select OK. From the Banking menu, select Make Deposits. Continue entering all the payments for the property. If you have multiple payments on a property (for example, for an apartment with several rental units), select Group with other undeposited funds. From the Customer:Job drop-down, select the tenant. From the Account drop-down, select the accounts receivable sub-account for the property. From the Customers menu, choose Receive Payments. Right after the setup, you can now receive payments and make a deposit. To do that, you'll need to set up the tenant's as jobs and categorize them afterward. To record your transaction in QuickBooks Desktop, you'll need to enter it by property and process it manually. Thanks for joining us here, here to help share some insights on how you can track rents and handle your tenants transactions in QuickBooks Desktop. You will also need to pay careful attention to the balance sheet fixed asset section to keep the asset cost basis straight. If you choose to use a single entity for multiple properties, then using the class feature is the way to go to simplify the profit/loss reporting. LLC is an asset protection strategy, and it can be void if you don't run the LLC correctly and/or comingle. I would recommend a consultation with an atty regarding a single or multiple LLC's. 
So I would say one QB company file per entity.
This is called "comingling" and it generally should be avoided as it can lead to errors when a property is sold or disposed and an incomplete or incorrect set of assets/liabilities are removed from the books. It would be difficult or impossible to know exactly which assets/liabilities relate to which LLC. The problem is not with the income/expense side, which can be easily split across several tax returns. If you have multiple LLC's, then you will have multiple bank accounts, multiple tax ID numbers, etc.
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