This is my first year doing taxes as an owner occupied 3 family house. This past year I had two folders one that I put all receipts that where costs to my unit and the other was for my 2 tenants. As I am getting organized to meet with my CPA at end of the month, I have realized I could have done this more efficiently. I have started an excel sheet but then started wonder would it be worth it to invest into QuickBooks? I do plan on expanding my portfolio however I think it’s going to be 2-3years before I recoup the costs of this house/renovations that it needs before I will have enough money for another down payment. If I did go with QuickBooks recommendations on desktop version vs online? Any and all advise would be greatly appreciated!
Nothing wrong with using a spreadsheet for now, but at the same time, it might be wise to invest in QuickBooks and start using it. It's a great software, and resources are plenty, many of them for free. I would recommend to go with the desktop version, as the online version could become very expensive very quickly.
I easily keep track of the numbers I need to give to my CPA in Excel. I have 20 properties and this works great.
For rentals we prep the excel spreadsheet to look like a Scheduler's E for each & every property.
Complete with a breakdown, off to the side, of all receipts & or capital expenditures. Each property also has its own bank account so the complete ledger is avail for review if required.
@Steven Clark Try using “Zoho expense” mobile application. I think the free version may satisfy your requirements.