Quickobooks Version (Tax Strategies: Savvy Real Estate Investors)

[Voltaire Lepe]

I read the book Tax Strategies for the Savvy Real Estate Investor a few years back.

I recall it recommending that a real estate investor track our portfolio’s with Quickbooks.

Question: Is there a specific version of quick books for Real Estate Investors, or do we track by “classes”?

I don’t have a copy of the book anymore therefore I can’t reference it.

Thanks.

[Joshua Thompson]

There are two versions of QB you'll hear about often around here. The first being Quickbooks online (QBO) and the second being Quickbooks desktop. Both have their pros and cons but many people enjoy QBO for its flexibility and ability to link to your bank account. 

As far as "classes" when allocating certain expenses to a property it is recommended that each property is set up as a class in QuickBooks. This allows you to look at P&L reports strictly based on classes (each property).

QB desktop I believe can last about 3 years being supported and cost a flat fee of $300 (probably gone up). 

QBO you pay monthly and can add on services like linking your bank account. The monthly dues quickly add up.