Which accounting program to use for real estate?
- Thread starter Joel
- Start date
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- Oct 22, 2007
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You could hire a bookkeeper experienced with real estate investments to set it up for you.
Once QB is properly set up (with classes for each property and the appropriate accounts) then it is very easy to do the data entry.
Once QB is properly set up (with classes for each property and the appropriate accounts) then it is very easy to do the data entry.
- Joined
- Feb 2, 2010
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At first i tried QB... after all the time 'lots' and money... I now have a bookkeeper. It cost me 15$ month per house and its comes with a quartely report and final tax report. At first i found it expensive... but now its a time saver and it looks nice and always done on time. It keeps my wife happy ;-)
Ben
Ben
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- Aug 30, 2007
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- 13,881
If a few units, a spreadsheet will suffice.
Column A: all rents collected
Column B: all expenses, summarized by sub-items such as property taxes, mortgage interest, insurance, R&M .. then give this to your tax filing person/accountant once a year, or if many properties once a quarter, as some items may not be expenses actually but capital expenses (say a new front door or a new furnace) and the mortgage interest is different from the actual monthly payment that is comprised of principal and interest. You can do that yourself, of course, but it is a distraction from the goal.
Excel has some nifty templates that you can easily adapt for your purposes.
Don't major in minors, though.
Your main job as a real estate investor is threefold, with a focus on the first two:
a) find great properties to buy in area with rental and value upside
b) find more JV partners to invest with you to buy more properties
c) manage them impeccably, but this task can be outsourced for a fee
Column A: all rents collected
Column B: all expenses, summarized by sub-items such as property taxes, mortgage interest, insurance, R&M .. then give this to your tax filing person/accountant once a year, or if many properties once a quarter, as some items may not be expenses actually but capital expenses (say a new front door or a new furnace) and the mortgage interest is different from the actual monthly payment that is comprised of principal and interest. You can do that yourself, of course, but it is a distraction from the goal.
Excel has some nifty templates that you can easily adapt for your purposes.
Don't major in minors, though.
Your main job as a real estate investor is threefold, with a focus on the first two:
a) find great properties to buy in area with rental and value upside
b) find more JV partners to invest with you to buy more properties
c) manage them impeccably, but this task can be outsourced for a fee
- Joined
- Feb 7, 2014
- Messages
- 3
Quickbooks pro, we used a spreadsheet for years and now rely on the reports of quickbooks
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- Oct 10, 2007
- Messages
- 4,733
Excel works
Quick book works
Quick books is better if time / understanding allows
Quick books is almost a requirement when you have enough transactions for better analysis, time spent, lower likelihood of error on data editing
Quick book works
Quick books is better if time / understanding allows
Quick books is almost a requirement when you have enough transactions for better analysis, time spent, lower likelihood of error on data editing