Hi all! I have a quick question to throw out. We are just closing on our first rental property this coming Friday! I have been through the Forums, and it seems like Quickbooks is what is recommended for keeping up with the accounting side of your business. I use the Online version for work so I am familiar with it. What I am not sure of is whether we should do the SimpleStart version for $12.99/mo or the Essentials version for $26.99/mo. I am thinking it would be Essentials because then you can pay bills online, but if your bank has that feature and you can just have all your bank entries downloaded, I am not sure if that is necessary. Anyway, what do y'all use? :)
buy the simplest version. upgrade only if you are missing someting
I am agree with @Katharine, simple first then upgrade when you need it. I am suing QB contractor 2012 for my company ( Rental,Buy&Sell)
My 2 cents. When it comes to accounting and bookkeeping you should also keep in my budgets, cash flow and forecasting for each property. Keeping that in mind, just download the bank details and let QuickBooks enter the data is not going to be sufficient. It defeats the whole purpose of using a software. Just use Excel as easy.
Now about which version you should use. I would go with the QBO which gives you access to the class feature. Now you may have one tomorrow two. So start using the class feature now rather than later. Another class should be created for overhead expenses not related to properties.
Here is a link to compare QBO http://fasttracconsulting.com/qbo-comparison-quickbooks-online.pdf
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