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Updated over 9 years ago on . Most recent reply

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Gonzalo Escobar
  • Chicago, IL
8
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45
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Which quick books online for landlord?

Gonzalo Escobar
  • Chicago, IL
Posted

I have 22 units, 3 multi-units and 8 condos that I own personally (no other investors). I have so far been managing accounting wise with a combination of mint.com, excel, and turbotax. I would say my biggest weakness is definitely on the bookkeeping side. Given that I don't have these big buildings I don't have separate bank accounts for all the entities, I just have the one.

I've seen a lot of recommendations about using quickbooks desktop for landlord activities, but knowing myself I know do better with online platforms.

Can anyone offer any insight into which quickbooks online program would be best?

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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
5,067
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Brie Schmidt
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied

@Gonzalo Escobar

 We use QB Online essentials.  I like it, but am not in love with it.  I prefer Quicken Rental Property Manager which I use for my self managed properties.  We use QB online for my out of state properties as my PM and I both need access and the ability to update in real time and we can't do that with the software version.  

I like that QB Online updates direct from my bank and then I just tag and categorize the transactions.  I am not a big fan of the reports as I can only pull P&L reports for the entire portfolio, not individual buildings.  For that I need to pull a expense report by building and then an income report by building and merge the files.  But I can easily pull an income report by tenant and see who has paid rent.  

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