HELP! Kansas Series LLC _Spreadsheets_Book keeping_Accounting_Tax

HELP! Kansas Series LLC _Spreadsheets_Book keeping_Accounting_Tax

Investor · Atchison, KS · Member since 2015 · 46 posts · 6 votes

Am I really supposed to buy 16 versions of fresh books or quicken to get some system for taking care of my rentals? I feel like I'm reinventing the wheel with spreadsheets and having to have 16 files for each different llc and bank account. It is just starting to add up. I have 8 SFR's, laundromat, commercial, close on a 4 Plex this week, and looking at a few more places in the coming weeks. I need something better. Does anyone have a spreadsheet system they would share? Is there a program that will help manage like cozy but allow all the different bank accounts, EINs, Business names. The last thing I want is horrific accounting and tax issues because this process isn't working but then even cozy requires multiple steps of log-ins and passwords if I do the process through them. PLEASE HELP!

0Reply
26 views

Most Popular Reply

Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
6y

Hi Jonathan,

Beware of commingling anything unless both your attorney and your CPA says it's ok.

Good Luck!

See this reply in the discussion

4 Replies

Jump to latestLatest
  • Wichita · Member since 2018 · 30 posts · 12 votes
    6y

    Use quickbooks desktop version, use the class function, make each class each series. Might do what you are wanting. You will need to keep track of capital separately doing it this way, and you technically should have separate back accounts for each one, but it might do it for you.

    another option is if you can find a quickbooks desktop hosted, i.e. a virtual desktop, you Might be able to just have separate quickbooks for each, and if it is your desktop version, you for sure can. 

    Are you the only member? I would need to ponder that if so, since a SMLLC is disregarded for tax purposes, and it might not really matter. 

  • Investor · Atchison, KS · Member since 2015 · 46 posts · 6 votes
    6y

    It is an S-Corp.. first in series is me but second will be partnership.  All separated banking.  

  • Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    6y

    Hi Jonathan,

    Beware of commingling anything unless both your attorney and your CPA says it's ok.

    Good Luck!

  • Daniel HymanBusiness Member
    CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
    6y

    @Jonathan Wildy

    With your portfolio size, why not hire a bookkeeper? If you are already working with a CPA, see if they have any recommendations. 

    My Online Accountant572 Reviews
Join the conversationCreate a free account to reply, vote on answers and follow this thread.