Do I need QuickBooks if I have a PM

[Beth Cannon]

I am considering using a property manager for several of my single family rentals. I do all of the maintenance and repairs. Would it be beneficial for me to keep records through QuickBooks myself or should the property manager be able to give me all that I need for taxes or when I want a report on a specific property?

[Dan V.]

Yes, it is recommended that you have your own recordkeeping, not only to capture transactions not processed thru PM such as admin & overhead expenses, owner contribution/distribution, fixed assets, mortgages, insurance, etc, but also it's a good control to make sure all PM transactions are accounted for properly and completely. Also, having your own set of books, you can easily pull data, should you decide to do some analysis on your business.