How to manage bookkeeping for rental real estate

[Alex Tang]

Hi,

Im in the process of closing on my first deal and will try out managing the property myself for the first year.  What software do people use to manage the bookkeeping? Excel? Quickbooks? Or is there some other program that is inexpensive and relatively easy to use?   Thanks!

Alex

[Alan Caceres]

@Alex Tang I have to agree with Jake, if it's just one property, you don't need all the extra expense of using specialized property management software. It should be simple enough to just do it on a spreadsheet. If you just want to track cashflow, do your accounting on a cash basis. If you want to track performance, do your accounting on an accrual basis. If you don't want to think about that stuff and feel you can stomach smaller cashflow for one property, go with a property management software like Beaver.

If you need help with doing your own accounting feel free to message me, I love chatting about real estate and bookkeeping.