QuickBooks for Personal Finance/STR?

Question

Hello friends!

I've never used QuickBooks but just read in "Tax Strategies for the Savvy Real Estate Investor" that it can be a pretty valuable tool for bookkeeping. In the book it was really only described for use with long term rentals though/consistent cash flow. Does anyone use QuickBooks for bookkeeping with their short term rentals (i.e., inconsistent cash flow)? Can you use QuickBooks to track and manage your personal finance also?

Thank you!

Kathy Kissick · Answer

Hey @Reid Sealby.  QBO is an amazing bookkeeping tool for your STR.  I am a CPA and use QBO online for my STR portfolio.  It a very robust cloud based software that allows you to create separate revenue stream tracking for each of your locations.  It also includes a highly functional mobile app which allows to access your data on the go but also snap and upload your receipts directly into the software.  If you're looking for any advice on setting up your QBO (if you decide to go that route) don't hesitate to reach out, I'd be happy to help.

Reid Sealby · Answer

@Kathy Kissick Thank you so much! I will be in touch. I just want to make it easier on my CPA next year as we are looking to purchase a second investment property this year and it will be nice to be organized with two properties!

Gita Faust · Answer

QuickBooks is great for everything real estate and property management. You just have to learn to use it the right way. You can collect payment, track repair request, lease dates and more.

For personal use mint, Quicken ….

Carlos A Solorzano · Answer

Hey there,

We use QBo to manage our STR properties, there is a great add-in BNBtally that integrates Airbnb with QBo. You should give it a shot fir sure!

Brandon Dreadin · Answer

QuickBooks shouldn't be used to track your personal finances. There is much better free software you can use for personal finance.

You can definitely use QuickBooks to track your profit and loss for short term rental (or any other strategy).

Jasmine Delves · Answer

From my experience, Quickbooks is great as a general accounting software option but for managing STRs, I'd lean towards property-management software. That way, it covers the accounting side of things as well as giving you access to more industry-specific features.

Ragan Manning · Answer

Hey Reid!QBO is great for tracking any business expenses rather it's for short or long-term rentals or even any other part of the REI sector you want to tackle. The best thing about QBO is once you understand it, you make it work for you and not the other way around. I would not recommend using QBO for your personal finances. It is a waste of money in my opinion. There are plenty of free apps you can use to track all that! Hope this helps!

Markus Shobe · Answer

@Reid Sealby Quickbooks can work for short term rentals. You will need atleast Quickbooks Plus so you can break down expenses and income by location. You can use Quickbooks for personal finance, but you would have to have another Quickbooks subscription. I personally use Mint as it is free and does everything I need it to do.

QuickBooks for Personal Finance/STR?

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