A question for all those who keep their own books.
What software do you use and for what reason (if any).
A question for those who dont.
How much are you paying your bookeeper and why did you decide to finally turn over that responsibility to a third party.
I use an excel sheet for each property, one for misc business expenses (laptop repairs, supplies and so on) and a seperate one to track all the monthly rent collections. Pretty basic but my accountant is pretty happy with the orginization of it all. I use one checking account for all the properties and keep a file folder for all the reciepts for each month. I just give all this to her mid-year and at year-end.
Quickbooks
We have been using quickbooks for years. A great product. Every invoice(automaticly entered each month), every check for an expense uses the house as the job and at any time-especially tax time- i can print a P&L by property. It also works great for entering work orders-to keep track by property the work done on each house so I can remember year to year when we fixed something or when we cleaned out the sewer last or what ever. Nothing better. We use it for our 46 rental properties, and our construction company, and also our Motorcycle sales and servvice business.
Arlan
We use QuickBooks Pro for our rehab business. There’s some lead time to set it up the way you want, but if you invest the time up front, the results are great. I think it has really powerful reporting that you’ll never get from Excel.
If you are only doing a few houses a year, I think Excel would be adequate. You would need a separate spreadsheet for each property.
So, it depends on your type of business, the volume you do, and whether you like to tinker with your reporting or just get the bare minimum done to give to your CPA.
–Natalie
Fair enough.
Seems like QBs is still the standard, which is what i am still using.
[QUOTE=AmotoXracer;885013]A question for all those who keep their own books.
What software do you use and for what reason (if any).QUOTE]
I just started using Rental Property Organizer by Simp-List Software. The trial version has records preinstalled which made it easy to check out. I found it easy to use. Like the fact that it creates tax reports by just clicking on a button. The report shows the income and expenses for each of my properties by line number for SchE as well as capital expenses. Plus, it creates a 1099misc report that IRS requires for anyone doing work $600 above. There’s more. If you’re looking for something without graphs, etc. and just does what is needed for tax prep, give it a try. The download is free. I looked at others on line and don’t like the idea of storing my rental information in a cloud and paying a monthly fee. Reviews on Intuit were so so.
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