Financial Software for Landlords

[Artichoke]

It seems we have some experienced landlords here.   I'm looking for software to manage our income and expenses.  Right now we have one vacation home managed by a rental company but are looking to add a local house with long term tenants.  Is something as simple as Quicken sufficient for keeping our records and getting everything to the accountant, or do we need something more real estate oriented?  I'd appreciate any thoughts on this. 

 

Edited to replace Quickbooks with Quicken. 

Edited August 9, 2016 by Artichoke

[Catalytic]

Are you going to use a property manager for the long-term rental?  We use a property manager, *most* of the repairs go through the management company, and they pay the bills.  That stuff shows up on our tax statement from them at the end of the year.  For things we have to pay ourselves (if a contractor doesn't have....unemployment insurance? (can't remember) then my property manager can't "hire" them and I have to pay the bills direct.  I keep those receipts in a folder in my email and just tally at the end of the year.  Nothing that would require software imo.

 

[LucyStoner]

It's definitely possible to use Quickbooks for property management.

 

I think though that what you might want is something simpler than QBs that is geared to part time landlords. If you aren't doing your own taxes and you only have 2 rentals and have ordinary job or self employment income, QBs may be overkill.

 

Since you are sending your stuff to an accountant, I would reccomend asking them to set you up with a simple bookkeeping system. They may have a format for customizing QBs or something else they like. They can send a bookkeeper to you to set it up and get you going. Well worth the expense now to save time and money on taxes later.

[KatieJ]

We use Quicken with a register set up For the business but we use it for both properties. I enter bills by the house number to keep them separate. In the past when the PM paid all the bills, I got a monthly statement from them which I then entered into Quicken. Currently I pay all bills, so again I enter everything. I make a note in the memo section if I used postage to mail it.

I also keep notes on any travel expenses that might not come directly out of that account.

 

At tax time I print out reports and send them to my accountant.

[Artichoke]

Are you going to use a property manager for the long-term rental?  We use a property manager, *most* of the repairs go through the management company, and they pay the bills.  That stuff shows up on our tax statement from them at the end of the year.  For things we have to pay ourselves (if a contractor doesn't have....unemployment insurance? (can't remember) then my property manager can't "hire" them and I have to pay the bills direct.  I keep those receipts in a folder in my email and just tally at the end of the year.  Nothing that would require software imo.

 

We're thinking we'll manage it ourselves.  I may rethink that though depending on the cost. 

[Artichoke]

We use Quicken with a register set up For the business but we use it for both properties. I enter bills by the house number to keep them separate. In the past when the PM paid all the bills, I got a monthly statement from them which I then entered into Quicken. Currently I pay all bills, so again I enter everything. I make a note in the memo section if I used postage to mail it.

I also keep notes on any travel expenses that might not come directly out of that account.

 

At tax time I print out reports and send them to my accountant.

 

 

Yes, I should have said Quicken not Quickbooks.   I'm glad you mentioned postage.  I forgot about that. 

[Artichoke]

It's definitely possible to use Quickbooks for property management.

 

I think though that what you might want is something simpler than QBs that is geared to part time landlords. If you aren't doing your own taxes and you only have 2 rentals and have ordinary job or self employment income, QBs may be overkill.

 

Since you are sending your stuff to an accountant, I would reccomend asking them to set you up with a simple bookkeeping system. They may have a format for customizing QBs or something else they like. They can send a bookkeeper to you to set it up and get you going. Well worth the expense now to save time and money on taxes later.

 

 

Of course, I didn't  even think of asking the accountant about this.  I think I'll give him a call this morning.  Thanks!