Hi guys,

Been lurking here for quite awhile and I thought it was time to tap the collective BP wisdom. I'm currently trying to find a method/platform of accounting for my 5 rental units.  I've been using Quicken, but the more I learn about accounting, the less I feel it suits my needs.  Namely, the absence of a ledger and debits/credits, and the way it organizes accounts.  Rather than having the main account types (Assets, Liabilities, Income, Expenses, Equity), Quicken seems to have some pre-set account types like "Checking", which is just an asset, or "Line of Credit", which would just be a liability.  I discovered Wave, which I like the layout of much better, and it has ledger where you can enter transactions in the dr/cr format.  It's also free which is a plus.  I'm considering switching over to it from Quicken, but I'm hesitant to jump into anything because ideally I'll use it for years to come.  So based on all that, here are my questions:

1. Has anyone had experience with Wave? What do you think of it? Being that it's 100% on the cloud, have you had any issues with accessing it or backing up your data?

2. This is more of a general accounting question: Do you use accrual or cash basis accounting for your business?  I'm only managing 5 rental units, not dealing with flips or anything more complex.  So for the most part, using cash basis seems like the easiest method for me.  But what are the scenarios in which a landlord might need to use the accrual basis? For example, would rent recorded under the accrual basis be "deferred revenue" since rent is essentially pre-paid for the month?  This seems like an unnecessarily cumbersome way to keep track of rent payments, and I'm struggling to see why I wouldn't just use the cash basis and recognize the money when it comes in.

Any input or resources are most welcome.