All Forum Posts by: Gita Faust

Jorge,

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You have to file schedule E for each property. So accounting, bookkeeping and tax cost are minimal compared to tax planning and protecting your assets. 

Rule of thumb for accounting, bookkeeping, reporting ..

• Loans are Liability (Balance Sheet)
• Purchase of property (Balance Sheet) - watch out for expenses that can be deducted for rental properties ( that is why you need to speak to an accountant)
• Sale of property (Profit & Loss)
  
  • Transfer all money from Balance Sheet to Profit & Loss
  • Follow the HUD to double check the balances and make adjustments
• Money Spend:
  • Flip
    • Rehab (Balance Sheet)
• Rental
  • Maintain properties (Profit & Loss)
  • Capital Improvements (Balance Sheet)

Of course there are more steps - this are very basic. As to using QuickBooks - always use Classes for all your properties. Review your cash flow by property as well.

 Hi John,  QuickBooks is a total solution for property management and accounting software for a landlord and real estate investor. Buildium is a low cost solution as well. If you are looking for no monthly cost then QuickBooks, Quicken and excel is the way to go. Online access would cost you minimum of 38.00 a month. 

 Jonathan, If you are tracking all the details in QuickBooks - I would strongly suggest using budgets and forecasting tool. You can also get a Cash Flow Report right within QB. Try using Intuit Payment Network , no monthly fee .50 per transaction fee. 

 Shantul, Can you tell me which book you purchased. Each of out book is specific to the real estate and property management industry segmentation. If you purchased the book for agent or property manager, it will not cover the purchase and sale of a property. As to depreciation, we always recommend to ask your accountant for the amount after the tax return if filed. Then enter a journal entry in QuickBooks.

-- Do you manage vacation rental properties for property owners aka Landlords?

-- Do you want to save money on your overhead such as property management software?

-- Would you like to save time by learning quick tips and tricks using QuickBooks?

Are you not ready to make an investment in managing your accounting and bookkeeping department?

If so check out my book on how to manage vacation rental properties for property managers: A QuickBooks Guide for Vacation Rental Managers. 

For those who are interested in A QuickBooks Guide for Vacation Rental Managers but are not ready to buy it yet, go ahead and get a sneak peek! No obligation to buy

Ask yourself before you switch to QuickBooks Online:

-- Are you using QuickBooks as a property management software? - you know what I mean

--Are you using QuickBooks as an accounting software?

If you answered to both the questions - then use the desktop version of QuickBooks for PC and not QuickBooks Online.