Real estate Bookkeeping

[Jeff Stein]

I am About to close on my second property! I really need a good software program for bookkeepingb and not aure if I should buy quickbooks or a dedicated real estate program. My business is structured in that I have a second LLC purchasing this new building and it has some minority investors. I need to keep separate books (INCOME AND EXPENSES) for each property so I know what to pay out to my investors each quarter. Any recommendations? Please let me know if anything needs further clarification.

[Account Closed]

A few days ago I posted this for another poster. 

I recommend QuickBooks Pro Desktop

You can keep track of all your properties Income minus expenses giving you your bottom line per property by using the Class Feature in QuickBooks. 

Here are some screen shots of how I CUSTOMIZED QuickBooks that worked for me. Double click on the screen shot to see it in a larger form.

Also do a CTRL plus the + key to expand it even larger.

The Above is the Tenant Ledger. To the Left is the list of properties and the Tenants who live there. To the Right is the information regarding the Tenant's History. Payments, Security Deposits, Late Fees, Bounced Checks, whatever involves this tenant will show up on the right hand side. You have a contacts tab, To Do Tab, Notes Tab, and A correspondence Tab. All at your fingertips. Quickly accessible.

The Screen shot below is in your Fixed Asset Items List: This is where you can customize QuickBooks to show you everything you want to know about this property.

We can see the Address, the Purchase Price, Land Description, Etc.

In the screen shot below you will see where I further Customized this form to show me the

*Year it was built

*Square Feet

* When the new furnace was installed

*When a New Water Heater was installed

*New Carpeting

(All these screenshots are demo files not my real files)

Now we get to Customize our Templates. Invoices we send our tenants, When we receive a Security Deposit, Pet Deposit, Late Fees, Etc.

We can add a photo, a logo, color, anything you want you can add it to this form. You can make the entire form Blue, or any color you wish. The world is yours when it comes to QuickBooks.

Notice on these forms that I CUSTOMIZED IT TO ALWAYS show their

*Move In Date

*Security Deposit

*Current Rent

*Lease Expiration Date

The Same thing with the Pet Deposit Receipt

Security Deposit

TENANT BILLING INVOICE

This is just a little bit of what QuickBooks can do for you.

It just doesn't get any better than that.