Accounting

[Nuhan Demirkan]

Hello,
I have 10 single family homes as rentals. I opened a checking account for each property to manage its rent collection and to pay its expenses, ie: mortgage, maintenance, etc. Each month I scrape these accounts and transfer the cash flow to a savings account for future investments. My question is with general expenses that I have that is not attached to a particular property ie: my R/E license fees, equipment maintenance, accounting, etc. Should I open a general checking account for these types of transactions and distribute the cost evenly across the properties for P&L purposes? That would make one more checking account to keep track of. Any suggestions?
Thanks,

Nuhan

[Emily Dixon]

Any software designed to help you stay organized - I am a fan! But I also hate seeing people spend too much money on products especially fad products. I am not sure what they charge for buildium. I am one of those paranoid people who wouldn't want any of my stuff on the cloud, but if you are comfortable with it go with what is right for you. When examing buildium further (since i am not sure) I think a key principle for you having so many checking accounts would be the ease of reconciling bank accounts in the program.Make sure you ask their sales team that question!!

Quickbooks still hands down has the EASIEST bank reconciliation process of EVERY accounting software. The online application is great but once again I am paranoid about the internet.

The reason I always advocate quickbooks and quicken is the inexpensive nature of those programs.Also they are so simple! They do a lot of the work for you and have simple forms for data entry. I also am fond of Access Databases because you can make them yourself. But I have to warn you and others on Bigger pockets about me- I AM A CHEAPSKATE. Most my career I have been a financial controller so I am always looking for most low cost point a to point b.

I will spend thousands of dollars on travel and dining and las vegas gambling, but still wearing the same clothes I have been wearing for ten years because I am too cheap to pay for clothes.