Updated over 13 years ago on . Most recent reply
Accounting Software for REI Company
Wanted to know if anyone knows a good, affordable accounting software for a REI company.
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I like QB Pro because it's "scalable" - in other words, you might have two props now, but if you get a few more and decide QB pro is the way to go, then you've got to move all that data over. I have used QB pro for my lawncare biz and web design biz so I had some familiarity with it.
The biggest "tweak" is making your BUILDINGS customers and your TENANTS jobs. Once you do that, you're 90% of the way there. I setup "bank" accounts for security deposits (physically held) and current liability accounts for the sec. deposits as owed. I'm happy to share my chart of accounts with anyone.
You also setup "classes" (sort of a "third dimension" to your accounts) -- each building is a class. that way you can do a profit and loss byh "class" and it will break out your PL per building! You also would setup one class called "general" for expenses not allocated to any one building.
The benefits as I see them are scalability and also versatitility. You can run any sort of calculation, create graphs, charts, etc. -- no more powerful than excel, but much QUICKER to get your output, and no programming .... also, you can export any and all reports to excel and customize and tweak ...