QuickBooks can be used for managing your rental transactions by setting up properties as customers, tenants as sub-customers, and classes to track transaction types. QuickBooks is often at the top of any professional’s mind when they think about accounting software for their business. Can QuickBooks Be Used for Property Management? Modern bookkeeping systems automate a majority of the job duties of a busy rental manager. Spreadsheets on programs like Excel, give a landlord a way to track and auto-calculate totals from each spending category to provide you with your gross income, net income, and total expenses for the year.Īs a real estate portfolio grows, you will need to find an accounting solution that gets easier, to accommodate the increased responsibilities that accompany more units. This system is ok if you have 1 or 2 properties. Some investors rely on spreadsheets or a pen and paper method for rental property accounting. Spreadsheets for Rental Property Accounting There are a few ways that rental managers and landlords choose to keep track of the accounting side of their properties: spreadsheets, QuickBooks, and property management software. You will also need to keep excellent records of your accounts for tax purposes and if you ever go through a real estate audit. Keeping good records of your financials will help you secure funds if you ever choose to purchase additional properties as banks will want to see records of your reserve funds and profits from your current investments. Just like any business venture, you need to be able to track the monetary success (and failures) of your rental properties with a good accounting system. Accounting Systems for Property Management When you start managing rental property, you will need to find a good accounting system to track your rent payments, expenses, payments, and profits.
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