Quickbooks: Online vs Desktop version. Pro vs. Premier?

Question

Looking for some guidance on Quickbooks as a REI who is only in the beginning stages.

1. Online vs. Desktop.  In short, the benefits from the online version appear to be easy access from remote locations and having multiple users access it.  Drawbacks appear to be the monthly cost.  Desktop benefits appear to be a 1 time fee up front.  But drawbacks would be no online access (i.e. must use the computer which software is downloaded on).  I would be inclined to go with the desktop version to save money.

2. Pro vs. Premier.  My accountant is recommending Premier because he said you can track each properties' finances (including profit / loss) separately.   It looks like a lot of people on BP use Pro.  Any further input would be greatly appreciated.

Account Closed · Answer

The feature that I need to impress upon QuickBooks Users is the ability to CUSTOMIZE it to fit YOU and how YOU want things done.  Thus the reason I recommend QuickBooks Pro.  It has the ability to CUSTOMIZE.

For example:  I've designed my billing invoices to show the Move In Date of my tenants, their Security Deposits, their Rental Amount and when their lease expires.    They receive this invoice every month prior to their rent being due.

Before I implemented this system, my tenants would always say their rent wasn't this much, or they paid more in a Security Deposit than what they did (it's because they paid first months rent and a security deposit, and therefore they think everything they paid was all Security Deposit....NOT)  So, this method, nips it in the bud pretty quickly.

Foot Note:  This is a demo, not a real tenant of mine.

The Security Deposit for I also designed to show the same thing.  This is their Receipt and it shows exactly everything they need to see and know and me too, and let's not forget the COURT AND THE JUDGE !!!!  I have handled all my court cases myself and never lost a case. Why?  Because of these forms that I have designed and take with me to court when I need to go.  Evictions are tough, and Judges don't like he said, she said, scenarios.  Always have evidence and you will do well.

THE FIXED ASSET ITEMS LIST is a real keeper.  It is here that you can program QuickBooks to do whatever you what it to do in regards to your property information.

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For example. I customized it to show one of my houses, when I purchased it, for how much, a description of the house, and the land description.  Gosh, how many times am I always hunting for this stuff, and I'm a good record keeper, but I hate going into a file and digging it up when I can click a button and it pops up right before my very eyes.    When I sell the house the right hand side of this form will be filled out.  (It's already been done.  I sold my properties in 2009).

After you enter in all the data that you want to enter on the previous form, this  pops up and show you, at a glance what you have just typed in, but in a summary version of it.

As I said, QuickBooks Online isn't as Robust as the Desktop version.  It can't do this for you.

Keep in mind that hard money lenders want to see a professional print out, in great detail of your worth, and your assets, and what better place to store it all then in a software program that was designed to do just that.

Nancy Neville

Shea Spinelli · Answer

Thank you Account Closed - that is a great idea.

Account Closed · Answer

Shea, no other advice.   That will work !

Dan, I'm glad that my customization has pleased you.  I tell you.  It sure stopped all those debates about how much of a security deposit they paid and when, what and were.  You know what I mean?  Your acknowledgment made me very happy too, Dan.

Nancy Neville

Account Closed · Answer

You are the second person to tell me that their CPA recommended Premier.  It maybe because someone recommend Premier to them.  A lot of people don't know what each version has, and therefore they assume they know.

Your accountant may be using Premier and needs your data to be through Premier in order to merge them.  However, most CPA have the ACCOUNTANT VERSION OF QUICKBOOKS, which allows them to use ALL VERSIONS OF QUICKBOOKS in one software program.

That's the only reason I can think of that he would suggest that.

I use QuickBooks Pro and Accountant software and Pro absolutely has Class Tracking.

Nancy Neville

Account Closed · Answer

I recommend QuickBooks Pro.  It has class tracking.  QuickBooks Premier is more expensive and deals with Inventory and also has Class Tracking.  Since we don't have inventory, why pay more money for a software program that is more expensive because it has inventory capabilities?

Online version of Quickbooks is not for Landlords.  It doesn't have all the capabilities that the desktop version does.  Desktop version allows you to CUSTOMIZE almost everything you do.  You can tell QuickBooks to let you know when a lease is expiring.  You can enter data into QuickBooks regarding your property and program it to tell you how many square feet you have, when you purchased it, what your taxes are, and whatever you want to know about it with just the click of a button.

We deal with tens of thousands of dollars in our homes.  We need a robust software program.  Yep, it sounds so good to have everything online.  Heck, just take your IPAD or Surface pro 2 Computer with you and it's portable.  But I know what you mean.  You want to be able to access everything online, including letting other access it online too if you wanted them too.  But be careful for what you wish for.  Too many hands in the pot may be your undoing.

Nancy Neville

Bettina F. · Answer

I love QB Pro.  I use the desktop version.  Unless you have employees, you do not need to upgrade every year. That saves money, hassle and brain cells since you do not need to learn the new features!  I am currently running QB Pro 2013 with backups to an external hard drive.  Files to  A ZIP drive to give to my accountant at tax time.

I love the fixed asset tracking!  We only have one apartment building, but we have upgraded units and i did not think to use QB for tracking upgrades.  I currently track that in a Word document.

My tenants are customers.  I use the Notes feature to record every time I have to issue a notice, get late rent, phone call, etc.  I date/time stamp my notes.  If I ever end up in court, I will just print out my Notes for that tenant.

You can set the calendar to remind you of lease expirations.

I also have customized invoices for rent due reminders.  They are emailed to the tenants on the 25th of every month, with a BCC back to our LLC's email account..

Shea Spinelli · Answer

Account Closed What about Pro Plus that has an annual subscription?  The site says the only difference is a backup is included.  Backup would be nice as that was one of the QBO things that grabbed us.  Thoughts?

Shea Spinelli · Answer

Account Closed I just purchased QBO yesterday and have had a horrible time. I wanted to purchase a little less expensive software, then if I didn't like it, I'd cancel and go with something else. I really want QB to work for us. I'll cancel QBO and purchase Pro. I'll also check your site for a book that works with Pro so I can learn. Any advice other than that?

Cory Iannacone · Answer

Account Closed Thanks for the detailed response.  Any idea why my accountant is pushing the Premier Desktop version?  He told I could use the Pro version, but it is more difficult for him when I transfer the info to him for taxes.  I don't know why he said the Pro version didn't have the capability to make different class systems, but that seemed to be his rationale.

Darla Wexler · Answer

I agree that most of accountants that are in the field prefer to use Quickbooks Online. Since this is cloud based software, it's much convenient to use and no hassle for the update and backups. I've read these information here: https://zipbooks.com/blog/quickbooks-online-vs-desktop/

Quickbooks: Online vs Desktop version. Pro vs. Premier?

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