What is your monthly workflow using Quickbooks?

8 Replies

Hell all!

Made the switch to QuickBooks Pro from spreadsheets this year and am trying to find out the most efficient way to handle the monthly workflow.

Here is my first question.  For properties managed with a property management company, would you still create invoices in QB even though they will not be sent out, or should this be bypassed and just record the deposits when the management company sends the statements?

What are the pros and cons of each?

Oscar

I guess it depends on the level of reporting you want to do?  I create invoices but never actually send them since my tenants just pay. Then, I mark the invoice paid. 

If I had a PM, I would probably just record the deposit and let them take care of the more detailed reporting.

It does not matter if you are using excel, QuickBooks or any for that matter - here is a list you can start with:

- Accounts Receivable report

- Accounts Payable report

- Bank Reconciliation

- Lease Expiration

- Rent Roll

- Missing Checks

- much more....

I would say the cons to this all is: QB and spreadsheets deal with the accounting and data gathering. What you really need is automation throughout the Rent Cycle, Vacancy Cycle and Maintenance Cycle. 

Originally posted by @Jeff Gates :

I would say the cons to this all is: QB and spreadsheets deal with the accounting and data gathering. What you really need is automation throughout the Rent Cycle, Vacancy Cycle and Maintenance Cycle. 

 What software do you use to handle this?

I have a PM Company and they send me a detailed statement. I use the quick books simply to document my bank accounts and credit card associated with the account. Between those two my accountant is satisfied with the tracking.

You can use QuickBooks as a Property Management software and Accounting Software.

You can also track Rent Cycle, Vacancy Cycle and Maintenance Cycle and more.... 

Many of businesses use QuickBooks as a bookkeeping software.

Think big now! Think of being a CFO for your business. Not a person who does data entry.

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