What do you use for book keeping and financial tracking

Question

Hello community!
Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well.
any insight would be greatly appreciated .

Tim Swierczek · Answer

I use Shuk rentals, it does ask of that and much more. It was built by a Minnesota CPA. Message me and I’ll hook you up with the owner. @Miles Lerner @Oliver Lerner

Aaron Zimmerman · Answer

Stessa is probably adequate unless you need to file a partnership return

Logan Privette · Answer

@Tim Swierczek I use Shuk as well! I didn't know they have a place for book keeping. We just use it for managing tenants and collecting rent

Bill Hampton · Answer

@Logan Privette

Check out Steesa, Baselane, Turbotenant and Rentredi.

Good luck.

Aaron Weikle · Answer

For a single duplex, you don't need much, but you do want to get the structure right early so it doesn't become a mess when you add in properties. The main question is whether you want pure bookkeeping or a property management accounting hybrid. At your stage, I'd actually separate the two concerns with one tool that tracks income and expenses by property while also making sure it can export something clean for your CPA at tax time. This is important because schedule E requires per-property reporting meaning lumped totals won't cut it. A lot of small landlords outgrow spreadsheets the moment they have to reconcile a bank feed or explain to their accountant which repair belonged to what unit. Connecting your business checking acct and credit card to whatever you pick will save you real time because manual entry on two accounts gets old really fast. That said, whatever you choose, set it up with a separate "class" or property tag for each unit from day one. When you go to file, your accountant will want to see gross rents, repairs, depreciation, and mortgage interest broken out by property. Getting into that habit on a duplex makes adding a triplex later so much less painful.

Jordan Ray · Answer

Hey @Logan Privette! I like to use REI Hub and have been using it since I started! Check them out!

Aaron Zimmerman · Answer

@Logan Privette then I'd go with qb if you have to file a partnership return

Ashish Acharya · Answer

Logan, with one duplex, you probably don’t need an overly complicated system yet. The goal is to make it simple enough that you’ll actually keep it updated every month.

At a minimum, I’d look for something that can connect to the property’s bank and credit-card accounts, separate income and expenses by property or unit, store receipts and invoices, track repairs separately from larger improvements, and produce a clean year-end profit-and-loss report for your CPA.

Since you already have separate business accounts, you’re off to a good start. I’d avoid paying personal expenses from those accounts or using the rental card for anything unrelated to the property. Clean separation makes the bookkeeping and tax reporting much easier.

Also, don’t rely only on the bank feed. Keep purchase documents, settlement statements, improvement invoices, mileage records, tenant deposits, and property-management records organized separately. Some expenses may be deductible now, while others may need to be capitalized and depreciated.

A spreadsheet can still work for one property, but once you find yourself falling behind or planning to add another rental, that’s usually the point where dedicated bookkeeping software or monthly bookkeeping support becomes worthwhile.

Happy to connect!

Logan Privette · Answer

@Aaron Zimmerman I do have a partner

What do you use for book keeping and financial tracking

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