All Forum Posts by: Gita Faust

Add to @Drew Sygit comment, repairs, interest, escrows, licenses, and permits and the list goes on.

Try to Google QuickBooks Online for Vacation Rentals.

 You covered it very well.

Well, the point comes down to how are you managing money. Do you have a team to help you with accounting? If you go with the concept of Profit First, then you would need multiple bank accounts. If not start with checking and savings, and you can always open another one. 

If you are targeting 100 units in a year or two. Please use property management software. Do not get me wrong, I love QuickBooks and I have clients managing their properties and accounting all in one with 1000+ units. They use QuickBooks Enterprise.

Saying that get started with pm software now, learn the ins and outs of the software and when you grow, it will be easy on you and your pocket.

Remember it is not about the price, it is about the time and money you and your team will spend in automation and pulling reports from different software.

DO you have a property management company managing your properties? If so it makes the bookkeeping process very easy.

Here are a few tips:

- Each EIN should have its own bank account

- Gross Profit: Break down your expenses by admin expenses and property expenses

- Track your EBITDA

- Use software and pull reports (Not Quicken please) 

- Profit Loss report customize it further by clicking on % by Income, this will show you % of income for all expenses incurred.

- and the list goes on....

Yes! You are on the road to success! Tips use software with automation and the ability to customize your reports. It can be QuickBooks, Zoho, Xero, and the list goes on.

If you hire someone, they will help you with the process and procedures. If you are the DIY kind of person, here are a few to get you started:

- Download all bank and cc statements in PDF

- Download all bank and cc to excel (and the software you will use)

- After you download excel, write your notes in a column along with the unit number/property name

- Scan, snap all receipts and keep them in one place.

- Download all invoices received via email and keep them in one place.

Ask them specific questions about the STR's. Here is a simple question: how would you record money deposited in the bank?

I have a niche and experience with rentals, long-term, and STR (with different booking sites).

 Low-cost software is Zoho and we love it. Remember the key to software is so you can compare Months, Qtr, and Years of data, pull reports of all your repairs and improvements and the list goes on. 

 Yes, you can split your payments in QuickBooks. If you are not using a property management software with full capabilities, like adding accounts, reconciling bank and cc accounts, making online vendor payments, and reviewing reports for each property: Profit Loss and Balance Sheet; then look into QuickBooks, Xero, and Zoho to start with. 

Our clients even with the subscription are using QB as it is a part of a business expense.