All Forum Posts by: Simon W.

Hey Warren,

backlog of 1000 transactions are a bit much, but the better question is, what year(s) are those transactions in? This would be a world of difference.

20 properties isn't too bad. It is probably best to true-up until Q1-Q3 for the mortgage principals vs interest and taxes. 

What platform are you working with? If none, probably the next best thing for accounting purposes is just quickbooks online plus.

Feel free to DM me if you need assistance. 

 Buildium won't sync with QB so it doesn't really matter. QB will work as long as the person entering the data correctly. Also, syncing the bank feeds to your banks and credit card would be where you need to figure out. QB handles pretty much all types of bank & credit card sync. Other platforms such as Xero is a hit or miss.

reconciliation on a daily basis is overkill

You may want to get someone that understands how the books should look and clean it up for you before hiring a CPA. Having your CPA to clean up your books is going to be very costly.

@Monish Anand there are plenty of professionals here that can help you.

I recommend looking through their posts to see if anything they say seems to fit you. 

Some of us can do the bookkeeping side of what to categorize and also have the knowledge on how to read your financials and not just act like robots lol

STR is a specific niche so there is going to be a lot transactions. Are you self-managing or do you have a PM that handles that? Or hybrid?

One of my clients does STR and he has some PM handling and there are some properties he is personally managing. You would need someone that understands the difference on how to record the funds when the PM sends the money on a monthly basis.

I do not think Buildium sync with QB.

As for the OP—you run the PM so you have full access to Buildium? If so, why not just sync the statements there so it can track all the expenses that you use Stessa to track?

 As a proadvisor for both Xero and QBO lol I can say it is a hit or miss. Both platforms are constantly adding features but that also means price will go up.

Xero is a fractional of the price. Not all bank accounts can be pull from your bank. If you use the typical banks and credit cards, you shouldn't have a problem. 

As an accountant, the journal entry is a big factor, Xero doesn't do a good job of it. Can't do journal entries against any cash account. They explained it but I don't think it is a good reason.

QBO is raising the pricing starting 8/1 so there's that.

Xero works if you don't mind the extra steps to do things you are used to doing in QBO.

AppFolio is definitely the top contender out of the list.

I consult and act as a fractional CFO for PMs and most of them uses AppFolio. I was also a CFO for a PM company that was using AppFolio since the start of AppFolio. However, it is expensive and they do have a minimum unit requirements.

Check out Buildium, I have some clients using them as well.

not worth it for the course.

It is only one SFH so if the property is in good condition, you probably won't even have much maintenance involved.

bookkeeping, just make sure you have record of the income, receipts for the expenses and capital improvements. you can give this to your CPA at year end.

you just need to make a list of vendors that you will need just in case of emergency at 2am in the morning plumbing problems and others.

I have been doing real estate accounting for 20+ years. The PM side of accounting and the investor side of accounting.

Owner Held should not be part of the Net Income.

The numbers in "Other Items" has a delta of $900 so not sure what is going on there. 

The $4630 owner payout typically is a payout from the prior month. 

I would need to actually see the Cash Flow statement to make sense of things. 

I would assume the Management Agreement has a reserve amount.