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Updated over 5 years ago,
First Rental Property - Accounting Software
I just purchased a triplex. My boyfriend and I live in one unit and I am renting the other two units out. I do not have any plans to acquire another rental unit in the near future. I created a bank account and opened a credit card to be used specifically for collecting rent and paying expenses related to the property (although I will need to use personal funds to pay for expenses until the property collects enough rent to sustain itself). Would you recommend purchasing accounting software or simply keeping careful track of income and expenses given that I only have one property? If you recommend software, what software do you recommend?
Also, I don't know if this is relevant, but my boyfriend and I are depositing "rent" payments for our unit to the property's bank account.
Thank you for your help!