BiggerPockets

We use QuickBooks 2009 Pro. It works well and does what you are asking.

There is a feature called 'classes' which can be nested up to 3 deep. They can be used however you wish. In the REI biz, we set them up as 'Res' and 'Com' for top level (Residential & Commerical), then property address for 2nd level, and unit number or garage number for 3rd level. As a contrary example, in our construction biz, we use the classes to represent the source from which the lead for the job originated; such as, builder, remodeler, web site, phone book, etc.

Setting the program up this way allows you to print almost all reports by class. Thus, a P&L by class, Balance sheet by class, etc. (meaning, by property AND particular unit)

The program is relatively cheap and there are tons of companies that offer training and reference books. We have even purchased the multi-disc computer training for $150 or so and found it INCREDIBLY helpful. Manufacturer is Intuit. They come up with a a new version each year. We find that we purchase an updated version about every 3-4 years. It can be networked, if you buy the right version, or stand alone. I have been using the program for my construction biz for over 9 years and REI for over 4. Tech support is also very helpful, but usually costs extra.

BTW, once you own the program you can legally use it for as many companies as you choose - just like you can open various documents in Word or Exel. This is very helpful to keep 'separate books' if you have multiple REI companies - we have 2.

Hey Brad. I used to use Quickbooks. Quickbooks is great. But, I decided that I really didn't need most of the functionality in Quickbooks. For example, I don't invoice my Tenants. I like to keep the business as simple as possible. [AD FOR OWN SOFTWARE REMOVED] That's my 2 cents.

-Adrian

PS: I also recommend a separate checking account for each property. Separate accounts will make your accounting a breeze!