Anyone use Quickbooks Online??

Tax, SDIRAs & Cost Segregation
15yFollow

Anyone use Quickbooks Online??

Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes

So I will be the first to admit I do not love the paperwork side.I love dealmaking,meetings,talking to people,etc.

I saw Quick Books online and was wondering if anyone uses it or what you use.The benefit is you don't have to buy newer versions and it is updated to newer versions automatically.I just need a system for keeping up with all the junk mandated by the tax man and our lovely government(sarcasm intended).

Any insight appreciated.

I am thinking of using the 12.95 a month version.
I have excel but my older computer came with a limited version and they want 99 dollars for a full one.

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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
15y

I prefer the desktop software as opposed to the online version, just because it allows me to have my data available anywhere my laptop might be (whether or not I have Internet access).

I tend to upgrade every 3 years or so -- generally there aren't any updates so important or useful that having to update is necessary, and my accountant will support QB versions back 10 years.

That said, I know a few people who use the online version and they like it...

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    15y

    I prefer the desktop software as opposed to the online version, just because it allows me to have my data available anywhere my laptop might be (whether or not I have Internet access).

    I tend to upgrade every 3 years or so -- generally there aren't any updates so important or useful that having to update is necessary, and my accountant will support QB versions back 10 years.

    That said, I know a few people who use the online version and they like it...

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  • Stan Jackson
    Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
    15y

    Although QuickBooks Online (QBO), has less functionality as the desktop versions, I specifically like it because I CAN view data whether I have my specific laptop with me.

    Also, QBO makes it just that much easier for my accountant to see activity at any time.

    If you get the QBO Pro, you may find it does a heck of more than the Basic subscription.

    Now, one of the problems with QBO is that it will only allow you to run company from each subscription. If you have multiple companies, you will need multiple subscriptions.

    Obviously I don't work for them, but should be paying for this endorsement!

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  • Mike G.
    Rehabber / Flipper · Simi Valley, CA · Member since 2010 · 597 posts · 259 votes
    15y

    I was hoping to add scanned receipts and documents to attach to my QB entries, but it seems like you need to subscribe to their online database or something. Maybe that functionality is included in the QBO version?

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  • Joel OwensBusiness Member
    Moderator
    OP
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    15y

    Stan,

    I thought I read somewhere you can set up multiple companies each as a user or client etc.

    Maybe I am wrong on that.

    Also I saw Tryneat.com but it looks expensive.

    I think I will go with the free cheap version for now and play with it for Quickbooks. I want to try the fuller version for free but if you do that it won't let you downgrade to the cheaper one after the free trail is up.

    Would it be cheaper to get a developer to build a knockoff for me for 100 bucks or something that does the same thing??

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  • Stan Jackson
    Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
    15y

    @Mike, I just checked the support on QBO and I am not seeing where you can upload any documents. In the 5+ years of using this products, I've never come across such a function.

    @Joel, QBO only allows you to maintain books for one company. I've even asked them about allowing separate divisions and that isn't possible.

    I believe you can try the Full version and downgrade to the Basic if you are not satisfied, but not 100% sure. What I do know is, be very careful of moving data from the desktop version to the online version if you have data stored in the online version, you will wipe out everything.

    I've spoken with a couple of developer/programmers on adding some of the basic functionality of QB to the back office of my website and it was just too expensive. I would be interested in speaking with your guy, if you do not mind.

    Thanks,
    Stan

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  • Joel OwensBusiness Member
    Moderator
    OP
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    15y

    I was thinking of using Quickbooks online but I just read this thread over in their community and it scared the crap out of me.

    http://community.intuit.com/post/detail/cCiT5YvU4r4izzacwZ5xHE?page=1

    Don't know what to do now........???

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  • Account Closed
    Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
    15y

    I have many clients that use both Quick Books online and the various desktop versions. I have worked with all of them.

    There are advantages to the online version, Ease of access for all potential users probably being the most important. I can't really think of much of anything else that is an advantage.

    There are several disadvantages. You are required to pay for each new company you setup which is not like the desktop version. Much more functionality in the desktop version. Doesn't have the fixed asset tracking feature found on the desktop version.

    The choice is more about choosing the version that will best suit yours needs.

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  • Stan Jackson
    Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
    15y

    Wow, that is scary! I must say I have not had any outages in my times with QBO, knock on wood.

    I agree with the poster in the other forum, that the online version probably isn't meant for everyday use. And, I would add that QBO isn't meant to replace professional accounting software or even accountant.

    As Charles said, the greatest and maybe the only advantage, is it ability to be used anywhere, anytime i.e. library, smartphone, hotel computer etc.

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  • Kirby Vandivort
    Investor · Champaign, IL · Member since 2012 · 22 posts · 0 votes
    14y

    Now that we are 16-18 months farther into Intuit improving the online version.....

    Any new thoughts or comments on this?

    0Reply
  • Paul M.
    Medford, MA · Member since 2012 · 163 posts · 36 votes
    14y

    Don't Do It.

    I am an accountant by trade outside of my real estate activities and I have simultaneously mainted the books at companies that used QB online versus QB desktop. QB online is terrible for more reasons that I can count. For the various reasons already mentioned and many more.

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  • Paul M.
    Medford, MA · Member since 2012 · 163 posts · 36 votes
    14y

    QB scanning and linking to the software so you can drill down to the receipt invoice is not ready for prime time. Even in large companies implementing that thing is kind of a pain in the *** for some reason.

    Just scan your docs out to a folder system.

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  • Steve Babiak
    Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    14y
    Originally posted by Joel Owens:
    ...
    I have excel but my older computer came with a limited version and they want 99 dollars for a full one.

    No need to purchase Excel, when you can use Open Office (it's free) and the "calc" application that comes with it. I have been using that for years, and although there are supposed to be things that Excel can do that calc can't - I have yet to encounter that. I suspect for the simple things like keeping books, that calc from Open Office will be just fine. calc is capable of opening Excel xls spreadsheets just fine, and calc can even save in xls format if you choose (as I usually do to be able to pass along to Excel users).

    1Reply
  • Paul M.
    Medford, MA · Member since 2012 · 163 posts · 36 votes
    14y

    Open Office is great. It is not as good as Excel but if you are not using it all day long or working with large amounts of data, it is fine.

    0Reply
  • Jeff S.
    Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
    14y
    Originally posted by Charles Perkins:
    There are advantages to the online version, Ease of access for all potential users probably being the most important. I can't really think of much of anything else that is an advantage.

    .

    I know this post is a bit old, but you can have it both ways. I use QB 2011 and keep my QB files in the cloud using Dropbox. As long as I’m near a wifi, QB will automatically open my files on Dropbox anywhere I’m at. If I’m not near a wifi, which would be rare if I’m doing my books, I can open the identical file that Dropbox stores on my laptop. Then, Dropbox automatically updates the next time I go online. Thus, I always have access and I’m always up to date. Plus, I always have a backup if Dropbox should ever go away or if they decide for any reason they want to deny me access to my files.

    As a long time Quicken user (20 years), and a relatively recent QB user, I can tell you that Intuit’s updates are extremely modest and incremental. There’s no need to pay a monthly access charge for the latest and greatest when the updates usually don’t add much value. In fact, with Quicken at least, you could always upgrade online for free to an only slightly older version than the latest and greatest. I typically don’t like to be the guinea pig for the latest anyway so this is a cost effective way to stay current.

    Jeff

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  • Kirby Vandivort
    Investor · Champaign, IL · Member since 2012 · 22 posts · 0 votes
    14y

    Thanks for those updates. I was intrigued by the online version because I figured that way my partner and myself could both access it from wherever. I sometimes find myself with only a linux machine, or only a tablet... and thought that the online version might work best.

    I guess if offline is still the way to go, I need to figure out which version works best for real estate investing, but I won't ask that here, because I'm guessing it is already answered in another thread and don't want to clutter things. Thanks!

    Kirby

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  • Paul M.
    Medford, MA · Member since 2012 · 163 posts · 36 votes
    14y

    I'd sugggest the contractor edition.

    0Reply
  • Account Closed
    New York City, NY · Member since 2014 · 1 post · 0 votes
    12y

    Even though this is an older thread, I'd like to share my experience with Quickbooks OnLine.   I have been using the product for about 6-8 months and am now in the process of cancelling it.   I've been using it to manage a small Real Estate Management/Rehab business.   It seems to me to be completely unsuitable for a Real Estate application,  for many reasons which are too complicated to enumerate here.    To name a few,  it has no ability to manage multi-property firms due to some serious inherent conceptual design flaws.  Also, the interface is very awkward, and seems to date back to the '80's in terms of design.   Although it has had a recent update (as of mid-2014) it is still clunky and awkward.  There are many other problems.   As if that weren't enough,  Intuit's Customer Service for this product is among the worst I have ever encountered -- long delays, uninformed representatives, incorrect and misleading answers -- you name it.  Typical wait times for Technical Support are on the order of 10 - 15 minutes, and if you request a callback, and your line is busy when they call back, you have to do it all over again, because they only try one time.   

     Although they are currently (7/14) offering discounts on the product, in fact the discounts are for limited time periods and are automatically upgraded to the higher price after a trial period..   "Caveat Emptor"   Personally,  I will never buy another Intuit product.  

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  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    12y

    QuickBooks Online is getting better - one day at a time. You can get 35% off lifetime subscription and the 10% additional if you pay annually.

    For real estate investors and property managers, use the Plus version for Classes.

    When you would not use QBO:

    • When you have multiple files. Subscription is based on EIN. You can always host your QuickBooks desktop and have multiple file online appx cost $38.00 per user
    • If you want a backup copy. You are solely depended on Intuit
    • For Rentals - if you want to use QuickBooks as a property management software and accounting management software
    • If you want to use the Lead Center, mini CRM.

    I can go on and on. Well lets talk about Pros:

    • Online access - anywhere anytime 
    • Multi user
    • Access to your accountant or QuickBooks consultant

    Use SmartVault for document management with QuickBooks.

    So let me ask you a questions - are you not on the net all the time? Are we all paying for our cell phones? That is technology - hoping to see the day where we are online all day long. 

    Just wondering what is going to happen to our food - a pill maybe? What do you think?

    2Reply
  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    12y

    BTW - you can attach documents with QuickBooks Online.

    0Reply
  • Dennis Gavilanes
    Investor · Chicago, IL · Member since 2013 · 26 posts · 8 votes
    12y

    Yes, but you are able to linked to 5 computers and in a way is a bargain. Cost of doing business

    Dennis

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  • Dennis Gavilanes
    Investor · Chicago, IL · Member since 2013 · 26 posts · 8 votes
    12y

    Im talking about the Excel version... office

    0Reply
  • Heather Miner
    Morrison, CO · Member since 2018 · 33 posts · 17 votes
    8y

    This is an older thread, but I thought it might be helpful for others to gain insight on QBO. I originally subscribed to the Essentials (middle) version ($35/month, but is currently discounted by 50% for 6 months or longer depending on your discount source). Because we own multiple properties, we are just upgrading to Plus ($50/month) which includes classes. We'll be organizing our finances by building (Property in the drop down menu) for both tax and profit/loss statement purposes. 

    If anyone has subscribed to QBO past their initial discount period, can you comment on whether any further discounts are available? Or, are you now paying their full price subscription? What version are you using?

    1Reply
  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    8y

    @Heather Miner

    Hope I am not late. There is a promo for QuickBooks Online 30 days free trial and 50% off the first year. Sometimes you can pay for a year in advance and get additional discount. You just have to check the option, at the time of adding your payment method. This promo is available to only Intuit Premier Resellers. Check out Biggerpockets market place. 

    - You will need a subscription for each EIN

    - When you have multiple properties use Class feature - Get the QuickBooks Plus

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