Does anyone here use Buildium for property management and Quickbooks for accounting? I'm looking to see what everyones workflows are for each month. I like both products and they both have there place in our business, but looking for a way they can work together more, maybe eliminating the duplicate post each month.
I use Buildium and QuickBooks - Buildium for tenant placement, screening, rent collection, etc. and QuickBooks for finances. I collect water/sewer/rubbish from tenants so that's really the only double entry I do, rents are automatic. I guess I both programs have great features, just not the same features.
Edit - This is for my self managed properties only, sorry I should have mentioned that above.
Thanks for the response!
I'm still new to each software. Do you have automatic invoices created each month in Quickbooks?
@Grant Francke Here is what we recommend to our clients:
- Have two bank accounts one for receiving rent that is received from Buildium and another bank account for everything that is not received or paid via Buildium.
- As Buildium has all the details of the tenant, there is no use duplicating it in QuickBooks. Just enter a summary at the end of the month.
- Keep in mind your amount are reconciled from Buildium to your Bank account
For Property Management
- everything mentioned above for Landlords
- As to the expenses, if you are creating reports for owners from Buildium, then you should enter it in both the software.
It is been a while, I have visited Buildium. So correct me if I am wrong, the reason being that you cannot reconcile bank accounts, credit cards, cannot epay or print checks, track loans, fixed assets, view a Balance Sheet and more.
Saying that in QuickBooks you can create automated invoices.
Why two bank accounts, @Gita Faust ?
@Nicholas Nicastro so it is easy to reconcile from both the software.