Best rental accounting app

[Frank Maratta]

Hi guys what are you using for bookkeeping apps? Quickbooks won’t work for me unless I get the most expensive option that includes a class system, and even then it’s a bit complicated. I tried Stessa, but it tends to miss transactions from my bank accounts.

I have multiple multifamily properties, multiple LLCs, multiple bank accounts. What do you all reccomend? I need software that can break expenses and income down by property and also generate year end tax reports.

[Soh Tanaka]

When you say QuickBooks, I'm guessing you mean the online version. At least for me, the desktop version works just fine. I don't have the need to have an access online. Also, as far as I know, there is no software that does automatic download/classification for bank transactions, and there will be manual entries regardless. For example, if you have a mortgage and want to enter the details, you have to manually break down the principal, interest and escrow amount. Unless you have one bank account per unit, you have to manually assign a class to each rent deposit. Some accountant on this forum said there is no journal entry with Stessa, and that won't work for me. I say stick with QuickBooks Desktop, and if you insist online, then pay the expensive online version or take a look at Xero.