All Forum Posts by: Gita Faust

There are two which we use and recommend can be used with or without QuickBooks and download details:

1. Intuit Payment Network: .50 cent for transactions https://ipn.intuit.com/

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Want you need is a scanner or a phone to take a picture. But before you even do that, make sure you write the property name and whether is a captial improvement or expense.

Then you need to either email it to yourself or use a software for document management.
-- Expensify.com - An online program where you upload your receipt, enter your expense account and property name and integrate with QuickBooks.
-- QuickBooks - Has a built in document management free in the newer version and download the credit card or bank transactions
-- Neatreceipts - scan, get a report in excel and then you can import that info into most of the softwares.

Valentine,

You can deduct expenses and depreciate the assets, from the date the property was ready to rent.

Just make sure you keep a record of all the ads, online listing for proof when IRS comes knocking on your door.

Yes - there is a solution for almost everything. You can host QuickBooks program and the software for appx $49.00 for each user. access 24/7 online.

Another program is to use a document management software to attach any of your documents and host it as well. - Smartvault.

QuickBooks can track rent roll, work orders, reports, budgets and more. You have an option to use QB or any other sofware for that matter. Keep in mind you want to use a software which will act like a database and eliminate 90% of your excel, access, paper and pencil documents.

Check out Inuit community forum and select real estate industry where you can ask questions and get answers from users and experts.

Instead of using Quicken, I would recommend QuickBooks Pro to manage properties for landlords and property managers.

Like anything else, you can customize the data file to be used for a specific industry, keeping in mind to reduce time, enter one transactions only once and customize your reports. So depending on your budget on software, training and support on a yearly basis and office staff, decide which software is the right option for your client.

But you can track all you info for owners, properties, units, tenants with a click print reports, lease details, rent roll, work orders, track time, and create statements and more. Here are basic steps.

Property owner = customer, class and vendor
Property = Job and subclass
Unit = Job of a property (optional) - use account no for unit no, and
customize you Customer Center to include the unit no.
Tenant = Job of a unit or a property

Products successfully integrated with QB - SmartVault or SourceLink, billing solutions, Intuit Merchant Service - specially with vacation rentals, blank check stock, industry specific websites - Would love to work with bill.com, Method Integration (which gives you a web portal, and integrates with QB) and/or QuickBase.

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QuickBooks has a sunset policy where they will stop supporting 2006. So if you purchase 2009 you should be good for three years.

I would recommend Managing Properties with QuickBooks Pro not simple start or Quicken Rental. There is more flexibility for customizing reports when you use classes.

Gita Faust
Author and Certified QuickBooks ProAdvisor

If you are going to use QuickBooks for rental property, here are steps to organize your bills and avoid late fees:

1. Enter your bills > go to Vendor > Enter Bills
2. View Report > Click Reports > Vendors and Payables > Unpaid Bill Details
3. To save time and a dollar a check for printing, signing, stamp, envelope, licking,.....
4. call you bank and set-up for online bill pay from within QuickBooks
5. To set up online banking click on Banking > Online Banking > Set up.... and follow the steps
6. Now you are ready to Pay Bills . Click on Vendor > Pay Bills > and follow the steps.
7. View the HELP section for online payment.

Gita Faust, Certified QuickBooks ProAdvisor

QuickBooks works great for rental property.

Gita Faust

If you wish to use QuickBooks, there are solutions.

You can also use QuickBooks for ACH, online bill pay, download bank statements, e-mail invoices, statements, reports which will save you hours, and paper.

Another options of use online QuickBooks is to host your software and the data file on someone else server to access 24/7