Setting Up & Using Quickbooks Online for Rental Property

[Ryan Runchey]

Hi Bigger Pockets,

I purchased a condo in the bay area this year living as an owner-occupant with housemates. While it's not a big fixer-upper, I am renovating - three steps in with BRR!

I need help with Quickbooks accounting for the rental property. The entry-level Quickbooks Online software itself is expensive $250/yr... that's not even adding up potential books/courses, CPA fees or personal tax filing software like Turbo Tax. Outrageous!

I am diligently saving/scanning/uploading receipts & importing transactions from a rental-specific-checking linked bank account.

I've found two websites that are supposed to help with Quickbooks for rental properties:

[OLD] https://landlordaccounting.com... only... $99)

[REALLY NEW] https://www.incomedigs.com/&nb... online, seems good but so new... also $600 for the bootcamp) 

These fees above include books/video courses & chart of accounts download but do not include any personal help with setting things up, in-person instruction, or ongoing maintenance.

Does anybody have any recommendations for setting up Quickbooks Online the right (and affordable) way? Any recommendations on CPAs? 

I'm not against spending $500 to do this right the first time but that just seems expensive for self-taught approach.

Thanks,

Ryan

[Allan Smith]

Bookkeeping is one of the first things a business owner should outsource. If you don't see yourself as a business owner and just want a couple rentals, then who needs Quickbooks? Just open a new checking account and each month download the transactions as a CSV and use excel to keep track of the <10 transactions per month. There is free software online too, like Wave which gets a nod from a lot of folks with simple businesses

I recommend hiring a bookkeeper if you are going to scale. They are $35 - 60/hr but it saves you the time and headache of figuring out how to book a journal entry for a HUD what accounts to create... oh man it's a pain ha.