All Forum Posts by: Todd Lennig

Andrew,

As a bookkeeper i would say do the card at the check out line.  Most of my clients come to me because they don't like bookkeeping or don't keep up with it.  It  is very easy to forget what was what.  It would also be easier to track what you have left for flips if you were pulling money out of a specific account when you went to lowes, etc.  Also, sub accounts are a pain to reconcile in QBO depending on the bank. 

Hope that helps.

Todd

I use relay bank for my business.  you can set up multiple accounts with a touch of a button.  they are an online bank so if that worries you they are not the bank for you.  I was able to set up the master account within 20 minutes from my home office and can set up any number of accounts after that.  I am also able to have a debit card for each account if I want.  So I can easily track expenses for each property if I want.  Also it syncs with quickbooks. 

I have several bookkeeping clients that use the Quickbooks Plus.  This gives you the class feature which allows you to put properties and you can categorize transactions specifically to a property.  This also allows you to create a P&L for each property or door, obviously also for the whole business.

How do I gauge the rental market in my area?  For example if I run the deal on the bigger pockets calculator and it looks good on paper how do I know that I will be able to put in a tenet? 

Ideally you should be using a different QuickBooks account for each business.  If I read your thread correctly it sounds like you are running three businesses, at the very least one bank account for each business.   

Chart of accounts can be tricky. Feel free to send me a dm with specific questions and I will do my best to help you out.  

Matthew bring up some very solid points. I have also heard from my bookkeeping clients that they have started with a VA because of price and they have gotten what they pay for. They don't get reports on time, if ever and the info isn't put in correctly. They also don't have a network to fall back on if you stump them on an odd ball situation. Be happy to help if Matt isn't the right fit for you.

As a bookkeeper, I recommend a separate account for your rentals.  If you set up a business for each rental property then you will need a separate account for each business, and also for quickbooks.  It is easier to keep track of expenses with each property has its own account, but that can get confusing on which debit card or credit card to use for each.  I would recommend quickbooks and then up your subscription to the level where you can track expense by "class". This gives you the opportunity to classify a utility bill as that, then put it towards a specific property.  If you have one or two properties, it might not be worth the cost and there are other ways to work quickbooks to give you the results you are looking for.  Happy to answer specific questions if you dm me.

There are several different options.  Quickbooks is the one that everyone knows and uses the most.  It can be pricy but well worth the money if you can afford it.  It also comes with different level subscriptions that you can continue to up grade as you need more features.  There are also some free options and obviously don't have many bells and whistles and will make it more challenging to switch to a paid accounting software.  I am happy to answer any specific questions may have.  

@Zac Boelkow let me know if you need help setting things up in qbo or have specific questions.

Depending on what quickbooks subscription you have depends on the answer.  If you have the subscription that you can create classes, my bookkeeping clients do that.  You can then apply all transactions to each property, also create a general one that is your office expenses. Let me know if you have questions and I can help you through it.