Bookkeeping Software Question

4 Replies

We currently use QuickBooks Pro 2016 for our real estate investment business. We use it for our rental properties as well as for our buy and hold properties. We are starting to have some database issues with the software when we send it back and forth with our account. We've been using QuickBoos sine 2011.  

QuickBooks is a powerful program and easy to use. We've looked at the QuickBooks Pro Online version but it doesn't have the features we use in the desktop version. 

We are in the process of exploring bookkeeping software for use in our real estate business. What do you use to for your real estate investment business such as a rental property investment business and a buy, fix and sell strategy. I'm curious to see what other fellow investors are using these days.

Appfolio is awesome! We outgrew Quickbooks and I wish we'd started earlier. It is worth 2 employees in the office! Tenants and homeowners love it also!

QuickBooks online, in my opinion, was launched too early. It is easy to use but many of the useful features are missing. I still use QuickBooks however, they offer their desktop version partnered with a hosting network so I can access from anywhere on any device. 

The bad news first: There a few connection hiccups from time to time, it was a little time consuming to set up, and the monthly cost is considerably more.

The good news: I'm happy with my trusted and familiar QuickBooks. I've been a user for 14 years and I'm still finding useful functions. The freedom that the hosting company offers has been incredible. 

I don't own any rental property yet but when I do I will look for something specifically designed for landlords but I'm not certain I would switch. 

@Bryan Greenwood

Sorry to hear of your issues.  I agree QBs is simple and easy to use.  I also use QBs for my businesses.  

Quick comments:

1.) Is your QBs file up to date?

2.) Are you using a QBs supported version?  

2.) Is your accountant a Certified QBs Pro and knowledgeable of the software?  I know this sounds funny but some CPAs are not familiar with true bookkeeping practices they only use the file to extract data for income tax projections and only know what the end product should look like and they are not 100% on how to get the results to show within the software i.e. they post journal entries vs posting to the correct AP, AR and banking programs.  This maybe causing the issues you are having when the data goes to the accountant, they are incorrectly posting entries that do not reconcile correctly when you open your bank accounts reconciliations or AP and AR aging summaries.  

Hope this helps good luck.  

KW

Thanks @KristineWalsh for your post. Yes to 1 and 2 not sure on 3. I'll check. 

My issue seems to be the stability of the QB database file. Nevertheless, we are exploring other non QuickBooks options. 

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