Does anyone have a recommendation for good accounting software for bookkeeping, etc. for rental properties? Preferably something that can download transactions from bank accounts.
@JJ J. Hello. How many properties you own or are accounting for? What experience do you have with this to begin with? How hands on do you want to be - or, do you just want the automatic fill-in book keeping?
If manageable amount - I don't see why you couldn't track via Mint and keep up with expenses weekly. Then, monthly use excel to create a mini balance sheet or PNL spreadsheet.
More than a hand full of properties - quick books is always a good option - I believe there is a real estate version out there
This is by no means perfect and it's just my suggestion. I like accounting but by no means am I an accounting nerd. I do what I'm comfy with - I am sure someone will have a better recommendation.
I use RentecDirect. I have been pretty satisfied with it.
I majored in accounting so I'm comfortable with most things, but want to have something that inputs are automatic and I can simply tag incomes and expenses, run depreciation, etc.
We have three SFR now, looking to add more SFR and multifamily
Thanks for suggestions thus far
Automation is good and bad, depending on what you are looking to accomplish. Do you want to be able to analysis your income and spending? If so automation is not the way to go.
I would suggest QuickBooks reasonable and easy to use at the same time all software has a learning curve. Make sure use use it as a property management and accounting software. So you can eliminate any third party management software.
Free software is good, but would you trust that company with all your data, hmmmm let us see, purchase price; account numbers of bank, credit card, loan; bank balances; where you are spending money and how much? Think about it.
I use the free side of rentec. I like it.
Doesn't do everything you want, but this file I made is a good start if you're already familiar with accounting principals.
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