What do you use for book keeping and financial tracking

Minneapolis, Minnesota
General Real Estate Investing
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What do you use for book keeping and financial tracking

Logan Privette
Member since 2024 · 34 posts · 8 votes

Hello community! 
Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well. 
any insight would be greatly appreciated .

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Tim SwierczekPro Member
Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
1mo
Quote from @Logan Privette:

Hello community! 
Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well. 
any insight would be greatly appreciated .

I use Shuk rentals, it does ask of that and much more. It was built by a Minnesota CPA. Message me and I’ll hook you up with the owner. @Miles Lerner @Oliver Lerner

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  • Casey Osborne
    Member since 2024 · 5 posts · 3 votes
    1mo
    I’d look into RentRedi. I’ve not used it personally yet but have seen demos and it looks really good. Quickbooks was usually the go to if you are only worried about keeping the books but with the recent price increase I’d do a demo with RentRedi to see if it would be a fit for your needs.
    1Reply
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    1mo

    @Logan Privette

    Check out Steesa, Baselane, Turbotenant and Rentredi. 

    Good luck. 

    404-482-3170
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  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    1mo
    Quote from @Logan Privette:

    Hello community! 
    Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well. 
    any insight would be greatly appreciated .

    I use Shuk rentals, it does ask of that and much more. It was built by a Minnesota CPA. Message me and I’ll hook you up with the owner. @Miles Lerner @Oliver Lerner

    2Reply
    • Logan Privette
      OP
      Member since 2024 · 34 posts · 8 votes
      1mo

      @Tim Swierczek I use Shuk as well! I didn't know they have a place for book keeping. We just use it for managing tenants and collecting rent 

      1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1mo

    Stessa is probably adequate unless you need to file a partnership return 

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  • Jordan RayBusiness Member
    Real Estate Agent · Memphis, TN · Member since 2023 · 623 posts · 321 votes
    1mo
    Quote from @Logan Privette:

    Hello community! 
    Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well. 
    any insight would be greatly appreciated .

    Hey @Logan Privette! I like to use REI Hub and have been using it since I started! Check them out!

    [email protected]662-642-1458
    Jordan Ray - eXp Realty5110 Reviews
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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1mo

    Logan, with one duplex, you probably don’t need an overly complicated system yet. The goal is to make it simple enough that you’ll actually keep it updated every month.

    At a minimum, I’d look for something that can connect to the property’s bank and credit-card accounts, separate income and expenses by property or unit, store receipts and invoices, track repairs separately from larger improvements, and produce a clean year-end profit-and-loss report for your CPA.

    Since you already have separate business accounts, you’re off to a good start. I’d avoid paying personal expenses from those accounts or using the rental card for anything unrelated to the property. Clean separation makes the bookkeeping and tax reporting much easier.

    Also, don’t rely only on the bank feed. Keep purchase documents, settlement statements, improvement invoices, mileage records, tenant deposits, and property-management records organized separately. Some expenses may be deductible now, while others may need to be capitalized and depreciated.

    A spreadsheet can still work for one property, but once you find yourself falling behind or planning to add another rental, that’s usually the point where dedicated bookkeeping software or monthly bookkeeping support becomes worthwhile.

    Happy to connect!

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    • Logan Privette
      OP
      Member since 2024 · 34 posts · 8 votes
      1mo

      @Ashish Acharya thank you so much! I'd connect anytime, I have some more questions I'm sure you could answer! 

      0Reply
  • Aaron WeikleBusiness Member
    Member since 2026 · 75 posts · 23 votes
    1mo

    For a single duplex, you don't need much, but you do want to get the structure right early so it doesn't become a mess when you add in properties. The main question is whether you want pure bookkeeping or a property management accounting hybrid. At your stage, I'd actually separate the two concerns with one tool that tracks income and expenses by property while also making sure it can export something clean for your CPA at tax time. This is important because schedule E requires per-property reporting meaning lumped totals won't cut it. A lot of small landlords outgrow spreadsheets the moment they have to reconcile a bank feed or explain to their accountant which repair belonged to what unit. Connecting your business checking acct and credit card to whatever you pick will save you real time because manual entry on two accounts gets old really fast. That said, whatever you choose, set it up with a separate "class" or property tag for each unit from day one. When you go to file, your accountant will want to see gross rents, repairs, depreciation, and mortgage interest broken out by property. Getting into that habit on a duplex makes adding a triplex later so much less painful.

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  • Dan V.
    Real Estate Consultant · Norfolk, VA · Member since 2017 · 342 posts · 200 votes
    1mo
    Quote from @Logan Privette:

    Hello community! 
    Currently have one duplex in NE Minneapolis MN and have been using google spreadsheet to keep track of books, financials, property details, etc...Anyone have an app or software they use that is user friendly and can keep track of everything in one place? We have a business credit card and a business bank account so far as well. 
    any insight would be greatly appreciated .


    If you only have one duplex, plan to handle the bookkeeping yourself, and don't want another monthly subscription, I'd look at QuickBooks Desktop. You can set it up to track income and expenses by property/unit and maintain proper accounting records without overcomplicating things.

    I would recommend hiring a professional in the beginning to set it up properly and walk you through the process. Spending a little upfront to get the chart of accounts, properties/units, loans, fixed assets, equity, and workflows set up correctly can save you a lot of cleanup later. After that, you can handle the day-to-day bookkeeping yourself.

    As your portfolio grows and you're ready to hand the bookkeeping over to a professional, you can migrate to QuickBooks Online. QBO gives you much more flexibility when hiring a bookkeeper or CPA since they can access and work on your books remotely.

    The key isn't really Desktop vs. Online—it's having the books set up correctly from the beginning and following a consistent process. It's much easier to scale clean books than fix years of messy ones later.

     If you don't want to pay monthly and would like to do your books yourself, look at QB Desktop, you can migrate to online later once your portfolio grew and hand it over to the pros.

    1Reply
  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 897 votes
    1mo

    With a single duplex you don't need anything fancy yet; the real goal is keeping it simple enough that you'll actually stay on top of it every month. I'd look for something that links to your rental bank and credit card accounts, splits income and expenses by property or unit, lets you store receipts and invoices, keeps routine repairs separate from bigger improvements, and spits out a clean year-end profit-and-loss your CPA can work from. You're already ahead of the game with separate business accounts, so keep them clean; don't run personal charges through them or use the rental card for anything unrelated. I also wouldn't lean on the bank feed alone, hang on to closing/settlement statements, improvement invoices, mileage logs, tenant deposit records, and any property-management statements, because some of those costs are deductible right away while others have to be capitalized and depreciated. A spreadsheet can honestly still cut it for one property, but the moment you start falling behind or you add a second rental, that's usually when dedicated bookkeeping software or a monthly bookkeeper starts to earn its keep. How it all applies really comes down to your specific setup, so it's worth running it by your own CPA or bookkeeper.

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  • Tyler Nash
    Forest Lake, MN · Member since 2017 · 21 posts · 11 votes
    3w

    I use Stessa and I really like it, plus it's free. 

    0Reply
  • Ciel NA
    Member since 2026 · 8 posts · 0 votes
    1w

    With one duplex, honestly the biggest jump from a plain spreadsheet is anything that separates rent status from repair costs automatically instead of you eyeballing two tabs and doing the subtraction yourself. That is the number that actually matters at tax time (net, not just collected), and it is the easiest thing to get wrong by hand once you have more than one line item to remember.

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  • Divin KanyamaBusiness Member
    Accountant · Seattle, WA · Member since 2025 · 136 posts · 36 votes
    1w

    Congrats on the duplex, @Logan Privette . For one property, a spreadsheet can work, but once you’re tracking rents, repairs, receipts, loan activity, and tax records, accounting software will usually save you time and make year-end much easier.

    QuickBooks Online is a solid choice if you want full bookkeeping and clean reports for your CPA. If you prefer something built specifically for landlords, take a look at platforms such as Stessa, Baselane, or RentRedi. They can make income and expense tracking, property-level reporting, document storage, and tenant management more intuitive. The best option depends on whether your main need is accounting, property management, or both.

    You’re already doing two important things by using a separate business bank account and credit card. Whichever system you choose, connect those accounts, categorize transactions consistently, reconcile them monthly, and keep receipts attached digitally. I’d also track the duplex separately by property and unit so you can clearly see cash flow and have organized records when tax time comes or you add the next property.

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