Hi all, We are transiting from excel to Quickbooks, just curious for those who has experience with Quickbooks do you use online version or desktop version? Is it huge difference? Thanks

I HATE QB online with a passion. I had to use it for 2 years and was so excited when I got to drop it.  I never thought I would be so excited to drop a accounting program.  Personally, I use Quicken desktop which I think is better than QB desktop, at least for my needs.  QB as a whole can be more complex than I need it to be for my businesses 

@Brie Schmidt thank you. Do you own rentals? And does quicken desktop has class that separate them?

Originally posted by @Liz C. :

Brie Schmidt thank you. Do you own rentals? And does quicken desktop has class that separate them?

30+ properties across 2 PM's and 5 LLC's. I also own three other companies and everything goes through Quicken Desktop (12 business checking accounts and 3 personal checking accounts)

I would rather use a pen and paper than QB online.  

I can seperate and tag anything as I please and it links with my bank so all I do every 2 weeks is press a button, it loans all my transactions, and then I categorize and tag everything 

I run my rental building in QuickBooks desktop. Each of the four offices has its own class, the parking lot is its own class, and overhead has its own class. It works great for me. Hope this helps!

@Brie Schmidt, do you use the Quicken Home, Business and Rental Property version?

QB customer service told me in December that they will not support on QB desktop after April 2018.  They are pushing everything online.  I've not talked to anyone that likes the online version.

I have QB online have 17 rentals properties did a dozen flips and have no issues. I think QB online is great. For those who hate QB online do you mind sharing your reasons why?

Originally posted by @Mayer M. :

I have QB online have 17 rentals properties did a dozen flips and have no issues. I think QB online is great. For those who hate QB online do you mind sharing your reasons why?

I'm finding QB online difficult to organize my rentals and flips. Do you have any tips on how you organized QB to fit your needs? Maybe a video tutorial or something to assist?

It’s all about the Classes. Create a class for flips and a class for rentals. Then assign properties to the appropriate class.

Selecting one version over the other depends if you have multiple EIN, need a Balance Sheet for each property and if you want access online where you are. And of course there are many other factors.

QuickBooks has a sunset policy - they will not support any desktop version that is 3 years old.

QuickBooks Desktop is not going away.

Make your own decision, just because Intuit is pushing online, you need to use it. 

Everything is easy, even buying and selling real estate. You just have to do your due diligence, find one person who can give you the world of accounting and financial reports including a way to manage your property expenses.

Both are good bt majority of them use QuickBooks Online

I personally use QuickBooks Online with QuickBooks Hosting which makes it much easier for me specially during the crunch times.

Adrian Gates

Finance Expert - TRC

Originally posted by @Gita Faust :

Selecting one version over the other depends if you have multiple EIN, need a Balance Sheet for each property and if you want access online where you are. And of course there are many other factors.

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Hi, which one (QB desktop vs QB online) if I have multiple EINs (each rental under its own LLC) and each has their own balance sheet? Can that be done well w/ desktop? I just spoke with QB on the phone trying to sell me the online version and it gets costly for my 2 small mf properties.

@Adrian Gates QuickBooks Online with QuickBooks Hosting? No one can host QuickBooks Online except Intuit. One can only host QuickBooks Desktop versions. Make sure you are using a Certified Intuit Hosting partner.

@Ryan Moore  New functionality is being added to QBO as we call it - every quarter or so. So as to make a decision for you - cost should not be a factor.  If you are running a business, there is always a cost involved.

Question for you: is how many units in each property and how do you collect rent? You can message me if you do not want to share on the post.  

You should look into QuickBooks Desktop Premier or Accountant version, the only reason that you can view Balance Sheet by Class as a standard report. In case you decide to have multiple properties in one EIN. You purchase the software every three years or as needed. I really do not care about the Fixed Asset List in QB version. If you cost segregate and setup your QB the right way then you can view the reports you need from there. 

Before you make a decision, always check out the perks that BiggerPockets has to offer: https://www.biggerpockets.com/perks/pro

@Gita Faust thanks, sent you a message

I use QuickBooks Online for our business, which is structured as a wholly owned property management company that runs our 20+ houses (across 5 LLCs).  I'm also an ex-Intuit employee who used to support QBO.

It can be a bit tricky to set up in QBO, and when set up properly, it's a huge time saver.  I'm also aware that most people and accountants prefer the desktop version (which is very different).

The reason I like QBO is simply this - payments automation.  Most of our residents are set up through Intuit payments and we ACH their monthly payments every month.  This allows me to account for all our properties and receive funds with relative ease.  When the money moves, QBO knows it and automatically does 90% of the work.  The problem is set-up - it did take a good bit of time and some help from my friends at Intuit and my CPA to set this up properly.

I'm thinking of going back to Desktop. Can someone also explain why QBO is putting limits on the number of Classes one is able to set up? And how would this affect cost segregation in breaking down of renovation costs? We also have our properties divided into 2 LLC's with their own EIN #s. Thanks.

@Denise Brown-Puryear  

Advanced QBO is for business who need more functionality and needs to streamline their workflows.

If you have multiple EIN - each EIN should have its own QBO subscription.

Now it all depends on how your QuickBooks is setup and what features you are using. Clean up the Chart of Accounts and Classes to stay under the limits below: 

• Chart of Accounts: 250 (Simple Start, Essentials, Plus) | UNLIMITED with Advanced
• Classes + Locations: 40 combined (Simple Start, Essentials, Plus) | UNLIMITED with Advanced
• Billed Users: 1 (Simple Start) | 3 (Essentials) | 5 (Plus) | 25 with Advanced
• Unbilled Users: 2 Accountant users (all plans) | Unlimited reports-only users (Advanced, Plus) | Unlimited time tracking-only users (Essentials, Plus, Advanced) 

Check out Perks section for everything QuickBooks.

Thanks Gita.  Decided to use Desktop instead.  Has way more features and I don't need portability or to access on the go. 

Originally posted by @Gita Faust :

@Adrian Gates QuickBooks Online with QuickBooks Hosting? No one can host QuickBooks Online except Intuit. One can only host QuickBooks Desktop versions. Make sure you are using a Certified Intuit Hosting partner.

@Ryan Moore  New functionality is being added to QBO as we call it - every quarter or so. So as to make a decision for you - cost should not be a factor.  If you are running a business, there is always a cost involved.

Question for you: is how many units in each property and how do you collect rent? You can message me if you do not want to share on the post.  

You should look into QuickBooks Desktop Premier or Accountant version, the only reason that you can view Balance Sheet by Class as a standard report. In case you decide to have multiple properties in one EIN. You purchase the software every three years or as needed. I really do not care about the Fixed Asset List in QB version. If you cost segregate and setup your QB the right way then you can view the reports you need from there. 

Before you make a decision, always check out the perks that BiggerPockets has to offer: https://www.biggerpockets.com/perks/pro

 Hello Gita,

Yes you are right there are plenty of scam companies but how will i come to know which is a certified intuit hosting provider?

Desktop--own the data--control the data.

Here are few links that will help from Intuit and what HammerZen recommends.

Quicken isn't bad, but I found an application called ACCTFUSION which is wonderfully suited for real estate brokering. It's written specifically for what I need in doing commission splits, writing checks, and real time accounting reports. Quicken is too generic and needs way too much tending to be a true time saving tool.   Check it out at www.acctfusion.com