Accounting while using a PM

[Mark B.]

Good morning all - I've been using a property manager for 2 years now. They use appfolio, and on the 15th of the month, i get my owner payout as well as the owners statement (pdf). I go through the statement line by line adding transactions to quickbooks. My quickbooks then holds everything about the properties financials (no leases, marketing, etc).

I'm curious how other owners who use property managers manage their finances/accounting. Everytime i search for property owner accounting, I end up with 10 links to the best property management software sites. I dont think i need appfolio, or any of the other management software solutions because i am not managing it myself. I just like to track my own expenses so i can run my reports. 

[Renee Fulcer]

I use Quickbooks - For the properties I have under a PM (2 houses and an 11 unit) I invoice the tenants for rent the same as the tenants I manage.  When I get my statement from the PM, I go through and receive payments off the statement and deposit to a "bank account titled "PM Clearing Account".  Then I enter a bill from the PM for repairs, leasing fee etc (classes for each property / unit ) but a summary bill for the month.  Pay that invoice from my PM Clearing account and what's left in the register is the amount I received from my PM, which I deposit to my regular bank account and zero out the register.  

We recently added an out of state SFH so I have a seperate "Clearing Account" for that with a different PM.