Bookkeeping system ideas

Managing Your Property
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Bookkeeping system ideas

Olga Nadal
Member since 2023 · 11 posts · 6 votes

Hi, Does anyone have a simple system to do your bookkeeping from the reports that your property manager sends you? I have two properties run by 2 different management companies. They each send me monthly reports from Hostfully and VR platforms but then I have to manually make sure that they match what is uploaded into my bookkeeping software directly from bank and credit cards, double check that all the bookings match the airbnb and vrbo bookings and that the payments sent to me from the managers is the correct amount. Is there a more simplified way? TIA

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  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    1y

    If you click on the magnifying glass in the upper corner you can search for previous discussions. This one in particular is certainly asked mo they if not weekly. 

    IMHO Quicken (quickbooks easy/cheap/little brother) is overkill for less than 10 properties, and can certainly handle 20. But it is so cheap and easy I can’t see anything smaller being worth the effort. 

    0Reply
    • Olga Nadal
      OP
      Member since 2023 · 11 posts · 6 votes
      1y
      Quote from @Bill B.:

      If you click on the magnifying glass in the upper corner you can search for previous discussions. This one in particular is certainly asked mo they if not weekly. 

      IMHO Quicken (quickbooks easy/cheap/little brother) is overkill for less than 10 properties, and can certainly handle 20. But it is so cheap and easy I can’t see anything smaller being worth the effort. 


       thanks!

      1Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    1y

    What bookkeeping software are you using?

    0Reply
  • Max Emory
    Accountant · 100% Remote · Member since 2019 · 497 posts · 216 votes
    1y

    @Olga Nadal we currently do this manually within my firm because I have yet to find a solution that is cost-effective. And, we use QuickBooks Online exclusively across all clients. 

    I've heard Bnbtally helps, but it gets expensive since they charge per property.

    For 2 properties, it will be difficult to find a cost-effective solution for this, unfortunately.

    0Reply
    • Olga Nadal
      OP
      Member since 2023 · 11 posts · 6 votes
      1y
      Quote from @Max Emory:

      @Olga Nadal we currently do this manually within my firm because I have yet to find a solution that is cost-effective. And, we use QuickBooks Online exclusively across all clients. 

      I've heard Bnbtally helps, but it gets expensive since they charge per property.

      For 2 properties, it will be difficult to find a cost-effective solution for this, unfortunately.


       Thanks!

      1Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    1y

    @Olga Nadal another quick note. 

    You can reply to @user #1 with a note

    Then @user#2 with another note

    And finally @user#3 with a thank you 

    All in the same post, saving yourself some work.  They’ll all get notified. As I did of your mention of me. 

    0Reply
  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 916 votes
    1y

    You’ll still want to reconcile your actual business bank and credit card statements. That’s the key part that keeps everything accurate. Once that’s done, review the property manager reports to make sure nothing was missed — like reimbursements you paid out of pocket or deposits that accidentally went to a personal account. Those should be adjusted with journal entries in your bookkeeping software so everything ties back correctly.

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