I know this subject has been beat to death but I am not finding what I am looking for in past posts.
I am looking for accounting software and bought QuickBooks - the issue is my PM manages his own properties, and my properties, and I manage my own properties. According to QB there is no way for us to have 3 account log ins. So either my PM needs to give up his QB so he can use the log in for my properties or I have to give up mine which has our properties and another business attached to it - so we are looking for accounting software we both can use on my properties he manages as we both currently manage the finances.
What I love about QB is that it links to my checking account so when I log in it updates the account with my most recent transactions and then I just categorize them. No manual entry. I have searched the forums and looked at Buildium, Appfolo, EvaProperty and TrueRent and none of them seem to have this feature, I would need to manually enter each transaction so I might as well continue to use excel.
Does anyone have a reasonable priced software that loads transactions and allows us to run reports by property?
The difficulty here is that your bank transactions are relatively unique -- at least on the income side. Meanwhile using a PM app to manage your property income (and other events) necessarily associates every transaction with an object, ie, a building or a tenant account.
Unless you had a standardized way of depositing your rent every month, there would not be a way to import these transactions without some human interaction, to confirm their association.
QB is owned by Intuit, a huge company, so they can work some additional magic re: bank linking. Most PM app companies simply don't have the manpower or clout for this.
Buildium has automatic bank account linking and reconciliation, although I have not tried it yet. Here is a copy/paste of the text explaining this functionality in their help document:
"A bank reconciliation is a comparison between a company's banking records in Buildium against your "real world" bank statements. Bank reconciliation is a great way to find typos, missing transactions, and duplicate transactions that could lead to inaccurate reports. Learn more here.
Bank reconciliation is a very manual process. The automatic bank reconciliation feature simplifies the process, by downloading recently cleared bank transactions from the "real world" bank* and matching those transactions to Buildium entries.
The automatic bank reconciliation feature makes suggestions on how to match up the data. If Buildium can’t find a match, it will prompt the user for help and allow the user to add a check, bank deposit, or other bank transaction."
@Nancy Neville is a Quickbooks consultant, I'm sure she would have great input on this.
I know it will require some manual input. With QB it is a matter of clicking on the loaded transaction and tagging it or categorizing it.
I would love if Nancy had input - I spend an hour with QB support today and would love to keep it
We really don't use it for the PM side of things... and I guess buildium might be ok if I upload my transactions each month - but would much rather prefer an automated system
You may be interested in the ONLINE VERSION of QuickBooks . It allows company access from multiple locations. 25 simultaneous users. Entry from the field (on the road)
You can created invoices, run reports, download bank statements and credit card transactions using QBS online Banking.
Keeps an Audit Trail
Let me know if this helps you out or not.
Brie click on here to learn more about QuickBooks Online Edition
@Nancy Neville - I just talked to a QB rep and this will work! Thank you! I wish the guy who spent an hour with me today recommended it. Do you get a commission, should I buy through you?
Hello Brie: Your compliment is good enough for me! I am smiling from ear to ear because it is priceless to see someone I have helped happy!
Buy from Intuit or shop around and see if you can get a good deal on it right now because of the Holidays. I buy my stuff through Amazon, I get it cheaper that way. But I don't know if they offer the Online Version, I'll have to check it out myself too. If not, buy it through Intuit.
I see you have many posts and many votes and many awards, so you know how good it is to help others as well.
Thanks again for your kind words.
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