Accounting software for rehab & rentals?

Question

I'd like software to deal with my rental & rehab business. Don't want to spend an arm and a leg either (although I can spare it, i'm still a cheapskate).

We buy & rehab houses for rentals. I'd like something that would let me subdivide all my expenses so I can show whether it was a expense relating to rehab a property or ongoing maintenance. Then additionally be able to track income/expenses by property. As it is now I use excel to do it all, it works reasonably well but i have to copy, paste and sort through several different banks/credit cards and make sure i'm not doubling the data.

I'd love to use quickbooks pro but they won't allow me to import expense data, nor allow subdivision of income/expenses as I would like.

Arlan Potter · Answer

We have been using quickbooks for 12 years. I can tell you what profit I made on each rental, new home construction, rehab, flip. What the money was spent on. A detail P & L per property. It is all you need.

Talha Shahid · Answer

Multiple EINs to keep everything separate

Chris Simmons · Answer

I keep acquisition/rehab expenses separate active rentals.  I currently use Excel (switching to Wave) for the purchase and rehab expense and once i put the unit into service, I start the rental accounting, revenue, expenses, capex etc in the rental software (RentPost).

Dev Patel · Answer

What expense category will closing costs, appraisal fee & home inspection fee with purchase of each single family rental shall I put under?

Gita Faust · Answer

Hi Bill. (Former jersey boy)

I would strongly consider consulting your accountant and attorney as they would know your assets and tax situation in detail.

Let me know if I can help in any other way.

Gita Faust

Bill D. · Answer

Do you have an opinion on this? Are seperate eins worth the expense?  I am planning to do more entity creation in 2015 and am contemplating seperate eins vs nesting them under one...

I have been using quicken real estate property manager for several years and it seems to work pretty well but as the business has grown and reporting has become more important to me I am considering a move to QuickBooks.

thanks in advance,

Bill. (Former jersey boy)

Gita Faust · Answer

Talha,

Are all the properties under one EIN or multiple EIN's?

Gita Faust

Talha Shahid · Answer

@ GitaFaust

I am also now looking to get an online accounting program. I buy properties to rehab and sell. Each property is under a separate name so I want to be able to track expenses for all these projects.

Will QuickBooks Online Plus be able to do that for me? I'm reading a lot of people are complaining about their poor customer service.

Gita Faust · Answer

Brandon,

Switch your subscription to QuickBooks Online Plus. You will have the feature to use Class (property).

Connect with me and let me see if we can help you in importing your expenses.

Gita Faust

Brandon Schlichter · Answer

I have quickbooks pro online and it does NOT do what i want.

I have expenses in Excel like this : Date, transaction log from bank , expense reason , address of property, ongoing cost flag (Rehab expense, management expense or ongoing repair expense), cost of item. For a total of 6 different pieces of data per line. Quickbooks pro absolutely will not let me go beyond date, expense reason, cost from what I've seen. I also CAN NOT import data from excel which is very difficult as I have over 600 expense items from 2014.

Accounting software for rehab & rentals?

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