Book-Keeping
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Book-Keeping (by V.M.Bhargava [VA]) Jun 11, 2024 9:55 PM
       Book-Keeping (by MikeA [TX]) Jun 12, 2024 12:17 AM
       Book-Keeping (by GKARL [PA]) Jun 12, 2024 5:21 AM
       Book-Keeping (by plenty [MO]) Jun 12, 2024 6:29 AM
       Book-Keeping (by NE [PA]) Jun 12, 2024 7:22 AM
       Book-Keeping (by Ray-N-Pa [PA]) Jun 12, 2024 8:36 AM
       Book-Keeping (by 6x6 [TN]) Jun 12, 2024 8:14 PM
       Book-Keeping (by mapleaf18 [NY]) Jun 12, 2024 8:40 PM
       Book-Keeping (by BRAD 20,000 [IN]) Jun 13, 2024 1:16 AM
       Book-Keeping (by WMH [NC]) Jun 13, 2024 8:21 AM
       Book-Keeping (by NE [PA]) Jun 13, 2024 8:43 AM
       Book-Keeping (by Dodge [PA]) Jun 13, 2024 9:36 AM

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Book-Keeping (by V.M.Bhargava [VA]) Posted on: Jun 11, 2024 9:55 PM
Message:

Portfolio has 30 single family homes for rentals.

What book keeping and tax software would you recommend?

Thanks

--73.148.xx.xxx




Book-Keeping (by MikeA [TX]) Posted on: Jun 12, 2024 12:17 AM
Message:

Everyone has their favorites as far as Property Management software, I use PM Cloud with good success. Buildium is probably the most robust. Most have the basics, manage leases, tenants, payments, maintenance requests. Some incorporate more advanced capabilities such as credit checks, tenant portals, managing maintenance tickets, and publishing rental advertising. There are at least a dozen different products out there that are descent, it depends on how far you want to take the automation and how much you are willing to pay each month for that capability.

For tax software, I simply provide the CPA with reports out of the software and she does her magic. --209.205.xxx.xx




Book-Keeping (by GKARL [PA]) Posted on: Jun 12, 2024 5:21 AM
Message:

I use QuickBooks online for rent billing and bookkeeping. The downside is that you need an accounting or bookkeeping background to set it up and run it. I've never looked at Buildium or some of the other property management platforms. They may be far easier to set up and handle ongoing. --209.122.xx.xxx




Book-Keeping (by plenty [MO]) Posted on: Jun 12, 2024 6:29 AM
Message:

QuickBooks here. Read QuickBooks for dummies. excel spreadsheets can work too. With 30 units I'd hire that done out by an accountant service. What are you using now and what are the pitfalls your experiencing? --172.59.xx.xxx




Book-Keeping (by NE [PA]) Posted on: Jun 12, 2024 7:22 AM
Message:

How’d you get to 30 units without any bookkeeping software? All handwritten? --24.152.xxx.xx




Book-Keeping (by Ray-N-Pa [PA]) Posted on: Jun 12, 2024 8:36 AM
Message:

Mike Butler has a QB set already set up with a tenant tracking kit next to it. I suppose you could just use QB but I would think that is a bit more challenging.

I like having extra data on each place loaded so I already know what size air filter goes where, what is the color of the accent walls and year that the HWT was installed. --24.101.xxx.xxx




Book-Keeping (by 6x6 [TN]) Posted on: Jun 12, 2024 8:14 PM
Message:

Good question, NE.

What is the average cost for one of these software's? --76.129.xxx.xx




Book-Keeping (by mapleaf18 [NY]) Posted on: Jun 12, 2024 8:40 PM
Message:

Has anyone used Doorloop? I'm not a fan of their pricing, however. --64.246.xxx.xx




Book-Keeping (by BRAD 20,000 [IN]) Posted on: Jun 13, 2024 1:16 AM
Message:

V.M.,

Rental bookkeeping to SIMPLE and basic.

For bookkeeping I still use Quicken 98 because it's SIMPLE!! Started in 1996, upgraded to '98 and kept it. The later versions are more complicated. You need an older operating system to run it.

Quickbooks was too complicated.

Print checks from memory, just add the house number. With some very simple set up the reports are laid out for tax prep.

Download the data to a USB drive and hand it to the tax preparer. Done.

DO NOT rely on tax software such as TurboTax or HRBlock. Those 2 programs, done by a trained pro, cost me $35,000 x 3 years = $105,000 in overpaid taxes last year because certain deductions did not "appear" on the software. Now I'm paying thousands to submit amended returns. Just hire a CPA for accuracy.

I spent $1500 setting up Buildium (why is it so hard to set up!!) and have been frustrated by it every single day. We spend an hour a day FIXING things Buildium did wrong. It will be hitting the trash can soon.

BRAD --73.103.xxx.xxx




Book-Keeping (by WMH [NC]) Posted on: Jun 13, 2024 8:21 AM
Message:

Brad, I was ready to toss Buildium too but my son found it very easy to use and he would guide his old mum through it. I still think it is not intuitive to me but I've learned the parts I need to know. And it does the most important things we wanted it to do: apps, background check, collect fees, deposits, rents, utility payments. I use it to send emails I want to keep 'on the record' and such.

I *just* started putting my vendors in there so DS#3 can find them if need be.

I still 'manage my money' through Quicken because I have more to manage than just rents, though, and I haven't figured out Buildium's payment services yet (haven't tried, either - they charge money for that.) --198.54.xxx.xxx




Book-Keeping (by NE [PA]) Posted on: Jun 13, 2024 8:43 AM
Message:

You need a degree in rocket science to operate Buildium. I tried that twice and was so happy to get rid of that junk. Way too difficult to navigate for me. And expensive! Holy cow. --174.249.xx.xxx




Book-Keeping (by Dodge [PA]) Posted on: Jun 13, 2024 9:36 AM
Message:

I'm using excel. (Pivot tables are awesome forgenerating the Schedule E numbers)

Tried to switch to Buildium and then RentRedi, but they are both underdeveloped and overpriced. Please report back on what you end up using. --98.235.xxx.xxx



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