Tax, Legal Issues, Contracts, Self-Directed IRA

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Karen Chenaille
  • Rental Property Investor
  • Sevierville, TN
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Best Receipt Tracker?

Karen Chenaille
  • Rental Property Investor
  • Sevierville, TN
Posted Mar 31 2018, 04:24
Hello! I am looking for recommendations on the best receipt tracking app that will allow me to export data my accounting software. We use QBO plus but some of our expenses are paid for with our personal accounts which are not linked to QBO so we can’t solely use QBO app to track them. Thanks in advance! Karen

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Chinmay J.
  • Investor
  • Northern, VA
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Chinmay J.
  • Investor
  • Northern, VA
Replied Mar 31 2018, 05:48
Originally posted by @Karen Chenaille:
Hello! I am looking for recommendations on the best receipt tracking app that will allow me to export data my accounting software. We use QBO plus but some of our expenses are paid for with our personal accounts which are not linked to QBO so we can’t solely use QBO app to track them. Thanks in advance! Karen

 I have completely separate bank accounts for personal stuff and separate for my properties. I never commingle funds.  Are you saying you sometimes pay your plumber to fix broken toilet for your tenants from same account you buy your groceries? 

That being said, there is a way in QB SELF EMPLOYED to manually insert transaction - a feature made available so you can insert a transaction if connection to your bank account is not working. 

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Zach Miller
  • CPA
  • Indianapolis, IN
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Zach Miller
  • CPA
  • Indianapolis, IN
Replied Mar 31 2018, 05:53

Hi Karen,

I would recommend taking a look at some of the more popular "receipt tracking" apps out there like Expensify or Shoeboxed. These mobile apps will allow you to digitally store your receipts by snapping a picture of the receipts as you make purchases. These apps can then be integrated with QBO to ensure all expense receipts are accounted for and the proper journal entries posted.

I would also recommend trying to set up your bank accounts in a way that prevents you from running business expenses through your personal accounts. As you scale your business it will become increasingly more difficult to allocate your expenses to the proper rental or business if expenses are running through your personal account.  

I hope you find what you're looking for, goodluck!

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Karen Chenaille
  • Rental Property Investor
  • Sevierville, TN
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Karen Chenaille
  • Rental Property Investor
  • Sevierville, TN
Replied Mar 31 2018, 14:30

Hey Folks!

Thanks for the replies!  I am going to try Shoeboxed. 

Have a great Easter!

Karen

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Ernest Gauss
  • Florissant, MO
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Ernest Gauss
  • Florissant, MO
Replied Oct 25 2018, 12:46

I will try Shoeboxed also.  Thanks for the post