Quicken versus Quickbooks

9 Replies

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.

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.

John

Tracy,

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.....

Is anyone using Xero? I have heard about it on one of the podcasts & was curious if people have good experience with it