How well does Quickbooks work for managing the accounting for multiple types of properties? I recently acquired a commercial property (single tenant, national retail chain), and now I'm under contract to acquire a property that I plan to operate as a vacation rental. I'm wondering if I can set it up so that I can easily track expenses, debt payments, etc. for both properties, but have them applied to the appropriate property so that I can easily see how each property is doing. I will own each property in its own LLC, and each will have its own business banking account. I was thinking it might make sense to set up a parent company of sorts to consolidate into one account. I know Quickbooks has a way to link to accounts and track things, but I haven't used it before.
I personally just use Excel for all my long term and short term rentals.
very easy to configure to do exactly as I need to track income and expenses. I have a summary tab that I can see everything in one place.
I keep track of Magistrate info for each property as well as lease info, Ac filter size, trash day tenant info, insurance policy numbers.
It does it all and it is a breeze to set up formulas to keep an eye on the bottom line.
Then I have all the info I need to give to my accountant for tax time.
@Jared P. I have a bookkeeper. He uses QuickBooks.
Book suggestion: Profit First Mike Michalowicz
@John Underwood - I used to own an 8-plex and developed a spreadsheet with numerous formulas that would calculate everything automatically after I entered each line item in a ledger. I found the entering of each line item to be very tedious over time. It's my understanding that Quickbooks has some ability to automatically log items and just be more automated.
@Lucas Carl How did you go about finding your bookkeeper? I would be interested in doing that, but I just assumed it would be too expensive for only two properties - one of which is very simple (the commercial property).
I use a slide rule and an abacus for all my book keeping.
Quickbooks is an accounting/bookkeeping software that is used to track your data(income/expenses/assets/etc).
If the property types are organized in a separate entity type, I would have them in two separate files.
If they are not in a different entity type, you may want to use the "class" function within quickbooks to distinguish the asset classes.
With that said, you may want to still operate them in two separate files if you find it that both businesses are too unique to another.