Carolina · Member since 2017 · 519 posts · 222 votes
Howdy folks.
As I am trying to make sure I am as organized as possible before I close on my first rental properties I am trying to figure this piece out.
I also do a few flips... so I do need QuickBooks for that piece... but does it make sense to go with something like Cozy.co for my rentals? Or should I keep it all in QuickBooks? Or do they work together?
Wasn't sure if, for tax purposes, people still track things in QB while also using something like Cozy.co? Cozy.co seems so streamlined and simple... getting things set up in QB feels daunting but I am not against it at all if it makes sense.
@Brian H. we use a program called Rentec Direct to do what you are thinking of using Cozy for. So far we just use the 'tenant management' part of it (meaning not the accounting) but are working on getting the accounting set up to start the new year with. My understanding from talking to those who use both is that Rentec's accounting is much more advanced than Cozy's.
I have talked to several people that use it for everything other than the depreciation schedules and let there accountants keep track of that for them.
We have 29 units and really like it. Nothing against Cozy at all, just thought you should know all of what is out there.
@Brian H. We actually use Appfolio and have found neither are robust enough for tracking all aspects of the business (especially when dealing with depreciation tracking and things like that) and so have always had both QB and then the management software. Both of those are quite a bit more robust than Cozy so I imagine the answer would be the same. Use the software to make the management easy and really on QB for taxes and books.
As the owner of a bookkeeping firm that deals with CPAs all day long, use Quickbooks for both (rentals & flipping). Cozy is great for rent collection. Not much else. You’ll need to provide a profit & loss report for each entity you have. You can accomplish this in one QuickBooks file if you must, using classes.
Ok, thanks so much @Cathie Kovacs . I kind of assumed just using QuickBooks was best... just wanted to ask around. I am now trying to find the best tutorials on YouTube for QuickBooks with rentals specifically.
@Brian H. we use a program called Rentec Direct to do what you are thinking of using Cozy for. So far we just use the 'tenant management' part of it (meaning not the accounting) but are working on getting the accounting set up to start the new year with. My understanding from talking to those who use both is that Rentec's accounting is much more advanced than Cozy's.
I have talked to several people that use it for everything other than the depreciation schedules and let there accountants keep track of that for them.
We have 29 units and really like it. Nothing against Cozy at all, just thought you should know all of what is out there.
Ok, thanks so much @Cathie Kovacs . I kind of assumed just using QuickBooks was best... just wanted to ask around. I am now trying to find the best tutorials on YouTube for QuickBooks with rentals specifically.
You might want to have someone experienced help you with set up so that you get it right the first time.
Use classes for every transaction.
I’ll try to dig up some links for video training for you
Google Quickbooks setup rental property. Nerd Enterprises is a good one to watch. Not sure if you’re planning on using Desktop or Online so I can’t narrow it down any further. My firm hasn’t done any videos but I can help with setup if you need it.
Google Quickbooks setup rental property. Nerd Enterprises is a good one to watch. Not sure if you’re planning on using Desktop or Online so I can’t narrow it down any further. My firm hasn’t done any videos but I can help with setup if you need it.