Tools to keep track of expenses
Hello,
What do you use to keep track of expenses (Quickbooks or any other tools)?
Thanks,
Olga
I use quickbooks
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Real Estate Agent SC (#112496)
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#3 All Forums Contributor
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#3 All Forums Contributor
- Contractor/Investor/Consultant
- West Valley Phoenix
Quickbooks, or Wave (free online). They both import your banking transactions for you....
Or you can make your own Excel spreadsheet......?
Most of my bookkeeping clients use quickbooks. Wave is another option as @Bruce Woodruff pointed out. Its not as good but pretty decent for a free software. Feel free to reach out if you have questions. Happy to help.
I have a separate Quickbooks account for each property and my personal finances since each property has its own business. It such a breeze and worth the extra money to just send a P&L for each to my CPA.
For sure QBO. As mentioned above, they stated that have purchased QBO for each property. Personally, I do not think that is necessary unless you have an extremely large portfolio but even then you can split them between entities or property types. If you just have a couple of properties and you are only doing 1 type of investing then 1 QBO account with classes should be suitable. Good luck and reach out if you need any help
#3 1031 Exchanges Contributor
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- Las Vegas, NV
Feel free to click on the magnifying glass in the upper right and search. This question is literally asked weekly if not daily.
ps. Quicken is overkill for a dozen properties and would probably handle your first 50.
A heavy duty hammer, pencil/pen, notepad, a good CPA, and a smart phone!
Few tips and apps I use:
Milage IQ: for tracking obviously milage
Good scanner app: Recommend Genius Scan
Of course Quickbooks, Excel spreadsheets, etc.
Property management software that has built-in rental accounting features (rather than Quickbooks plus another PM software). That way, you only need to use one program to collect rent, track your income and expenses, screen tenants, etc.
Most of my clients use Quickbooks. You can create a lot of great reports in Quickbooks. If you are looking for something free then it does not get better than wave accounting.
on quickbooks, say you own a bunch of rentals .. each month you get 10 bills for each of your rental places for garbage ... when you use quickbooks, and it downloads the data from your checking account, does it figure out which rental to allocate the garbage bill to?