All Forum Posts by: Dan V.

@Justin R. I am a fan and user of QBO and as @Daniel Hyman mentioned, Plus version is the way to go for multiple properties. They are also constantly improving the software by adding new features. QBO is a one size fits all software, but you can customize it to fits your needs. There are many ways to do or enter things in QBO, but one could be better than the other depending on what you expect to get from it. Talk to an accountant or QBO pro advisor with knowledge in setting up real estate industry to help you with the setup and establishing the process. 

Goodluck on everything!

Quick tip: Some accountants offer a discount on the monthly subscription, so if you're looking to save, ask somebody if they're offering one. 

@Erik Czirr As mentioned in one of the BP Podcast, find out how much your time worth and how much time you're spending doing it, then compare that with what other people will charge you for the same work, that will help you decide whether it's worth it or not. You might be saving some money for trying to do certain things yourself but having other people do it for you will free up some of your time (& stress) that you can spend on other things that you should be focusing more. When you decide to outsource here or overseas, make sure they are familiar with US accounting standards and better yet has a background in real estate industry. 

Good luck and I hope you'll find the right person for your needs!

@Chris McHaney You can do 2 ways:

1.  Vertical approach. Setup each property escrow as "sub-account" of the escrow bank account (ie. Escrow Bank:123 Main St Escrow) and use the sub-account when you book the transactions (Transfer from Operating to Escrow Bank:123 Main St Escrow, then pay expenses by writing a check from Escrow Bank:123 Main St Escrow and code to expense). I prefer this approach because it will give you a quick overview of the balance for each property escrow just by looking at chart of account or running a balance sheet.

2. Horizontal approach: Follow what @James Landon said using class. This is also a good option but you will only  see the balance by property when you run balance sheet report by class.

I would say both. At least have an accountant set your Quickbooks and walk you thru the basics of using it. Then you can handle the more common transactions yourself and let the accountant handle the more complicated ones (ie. HUD settlement, loan). If you prefer to handle Quickbooks yourself, at least have an accountant take a look at it periodically to make sure things are in order. Quickbooks will do whatever you tell the program to do, but it won't distinguish right from wrong in an accounting/tax perspective.