Book keeping question

[Sean Powers]

Hey guys this is a follow up to my question from the other day regarding whether or not I needed an LLC for tax write offs for a STR property we just bought. I've come to the conclusion I don't. With that being said for tracking expenses, income etc do you guys use quikbooks? I read that quikbooks will be discontinued in 2023 so I'm assuming you guys use something else. Want to make sure I'm keeping everything separate from personal funds. Sorry for amateur question but…… I'm a amateur here. TIA!

[John Underwood]

Quote from @John Carbone:

Quote from @John Underwood:

Quote from @Andrew Simms:

@Sean Powers, like @John Underwood, I keep everything in Excel. I have one spreadsheet per property (only have 1 property for now) and have a section for each of the IRS deductible categories. It's very easy for me to input rents collected, expenses, mileage, depreciation, time spent on the property, etc. Worked great for sending the summary sheet to my CPA at tax time. 

 Exactly what I do. It summs up the categories for me that the CPA needs.

I have a tab for each property. Bunch of tabs!

I can also keep track of other data such as AC filter size, trash day, Magistrate for each property etc.

I have a summary tab that pulls in from the categories on each tab to this one central location where it sums up all the properties so I can see the big picture of gross and net income from the Real Estate Empire.

 That’s a nice spreadsheet. Did you create all of the formulas yourself?

 Yes I do. Its pretty easy.