Bookkeeping for rental properties

12 Replies

Fellow landlords, do you use Quickbooks for bookkeeping purposes or is there another quality program out there that let's you track, record, maintain income and expenses related to your rentals?

I use it and love it. It's got a steep learning curve, but after that, it tracks everything in my rental business I can think of, and plenty of things I can't ;)

+1 for Quickbooks. It's a great accounting software, but not the best for keeping track of leases, move-ins, move-outs, etc.

I use a Buildium, and so far, so good.  It handles all aspects of managing rental properties, not just accounting. I'm not sure about the minimum number of properties the basic package handles, so it might be overkill for your needs. I mange 55-60 so it works for me. 

Buildium is great for managing properties. I started out using Buildium when I first started, but one thing I hated about it was not being able to download bank transactions directly from the bank like you can with Quickbooks. In Buildium, I had to enter all transactions manually, which can be very time consuming.

Is that correct, @Dawn Brenengen  or can you now download transactions to Buildium?

 @Sharad M. you can track leases, move-ins, move-outs, work orders, tenant calls and more with QuickBooks. You just need to add a system and a process in place to use it as a property management and accounting program and then follow it to the T. 

I would like to know from Buildium power users, if you can download online bank transactions. The way we work right now with clients, they download details in excel or csv and import it into QuickBooks. That has saved them lot of time.  With QuickBooks Premier Accountant version, you can copy and paste the details from excel sheet. Save you so much time and eliminates errors.

Hi @Gita Faust  

Where will I be able to find more information on setting up QB as PM? I will also check with my bookkeeper, but if you can point me to some article, it will be helpful.

Thanks,

Sharad

I use QB too, and i it works for rental properties a lot better in conjunction with the landlordaccounting  book.  He also gives you a chart of accounts specifically for landlords.  He gives good ideas like setting  up houses as customers and tenants as jobs.  

We use Rent Manager, which has a great accounting module, but it's expensive. It's really for larger landlords, but if that's where you're going or are, it's worth a look.

@Sharad M.  I don't think it can download transactions. I pay most bills using checks printed from buildium so most of my transactions are already accounted for. 

i still use quicken PM and like it. it keeps the move in date, property name and tenant name..

the rest of the stuff like leases, etc is done on the side. i am not ready to pay monthly fee just yet.

 @Sharad M. You can visit my blog for more details.
Originally posted by @Sharad M. :

Buildium is great for managing properties. I started out using Buildium when I first started, but one thing I hated about it was not being able to download bank transactions directly from the bank like you can with Quickbooks. In Buildium, I had to enter all transactions manually, which can be very time consuming.

Is that correct, @Dawn Brenengen  or can you now download transactions to Buildium?

 Sharad, I am trying out Buildium and it has a Direct Connect feature that is supposed to download transactions, but as of yet it does not work for me.

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