Accounting/Bookkeeping for your STRs - what do you do?

[Julia Bykhovskaia]

Since I am very new and green, I'll continue to crowdsource insights/ideas. How do you keep track of your expenses for each property? I want to be able to have separate P&L statements for each property. I am thinking whether I should use Quickbooks for it or just maintain an Excel file. Below are my questions to the community:

1. Do you have a property management LLC you formed for your rentals? If yes, do you use the same bank account or separate bank accounts for each property?

2. How do you track Revenue/expenses for each property? Do you do it yourself in Excel or use any kind of software (QB?) and if you are using the same bank account for all properties how do you remember which expense was for which property (same goes for rental income)? 

As always, thank you very much in advance!

Julia