I am trying to decide what to use to keep track of finances for my rental house.
Any advise will be very much appreciated.
Hi all - wondering the same thing so following ;)
Also - Quicken has Rental Property Manager edition while QuickBooks has an online one. Would appreciate all thoughts on one vs another and editions within each.
@Sylvia Herman - Yes, it's that time of the year again. Below, is an old post from @Nancy Neville that should answer some of your questions about Quickbooks.
I use Quicken for home, but I love using Microsoft Excel for my rentals.
I have a tab for each property.
I keep up with my insurance policy, who the tenants are, Magistrate for evictions, trash pickup day for each property.
I keep track of who has paid on what date.
I will add up all my receipts and I can find things in an instance.
It makes it very easy to get my tax info to my accountant at the end of the year.
I can color things to make it easy to find also.
Just my 2 cents.
Thank you so much for your inputs, this is really helpful.
@John Underwood Hello John, I'm curious about your excel document, comparing the need for QB vs Excel. Do you mind sharing more info on your excel doc please. Thanks
Mine is very simple. I have column for each month. I put the rent amount paid plus any late fees. I have a Sum function that adds these for each column then I have a Sum function that adds the total for the row so I have running total for rhetoric year. I also have a colum to the right of all this where I put the exact amount of each deposit the tenant makes and the dates along with any notes.
I keep up with the Magistrate for each property, tenants names and numbers, trash day AC filter size and other data I need to keep up with for each property. I have tab or worksheet for each property. I also have a summary worksheet that grabs each running total and shows it here and adds up all the properties so I can see a quick summary of all the properties together. I also keep my insurance numbers here and when they renew.
I Google and found this spreadsheet and no then customized it for my own needs.
If you are using an accountant at the end of the year, and you should, I would recommend Quickbooks. Most of them uses it and it will save you some money if you can just give them the file instead of a box of reciepts.
P.S. Make sure you use the PC version instead of Mac, most accountants are using a PC and the two systems don't play nice together when you try to merge the files. Ask me how I know.....
Ive been using Quicken property manager since 2007
Is anyone using Xero? I have heard about it on one of the podcasts & was curious if people have good experience with it