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Ryan Vienneau
  • Property Manager
  • Stillwater, NY
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144
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Buildium users - how do you handle credit card tracking???

Ryan Vienneau
  • Property Manager
  • Stillwater, NY
Posted Aug 21 2017, 03:49

So I just joined Buildium, spent hours setting everything up, it seems mostly pretty great, except one HUUUUGE issue that is making my head explode...they don't support credit card tracking?!?!?  WHAAAT??  This totally would have been a deal breaker had I known before signing up, but now I'm too far into it to turn back, so I need to make something work.  How are other Buildium users out there handling this?  

I contacted Buildium and they confirmed they do not offer credit card tracking, but offered a workaround which was to set up a credit card as a bank account, and when there is a balance it's just always negative in the bank account, and this would allow you to track individual purchases like it was a checking account.  The problem is, that's not proper accounting because a credit card is a liability, and doing this workaround will reduce your assets rather than increase your liabilities, which totally messes up your balance sheet and debt-to-income ratios.  

When I pointed that out, they suggested I instead setup my credit card as a vendor, and enter each charge as a bill, which would then fix the assets and liabilities issue.  The problem with that is that now you're no longer tracking what you've paid to actual vendors, so you lose the ability to issue 1099's and know what you've paid who at the end of the year.  Oh, and both of those solutions are a giant PITA also, so there's that.  

Surely others have this issue and have figured out a workaround, any suggestions???  

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