All Forum Posts by: Cathie Kovacs

With 14 doors, I’d suggest a bookkeeper and Quickbooks Online (so you, the CPA and the bookkeeper all have access to the same real-time data). My bookkeeping firm does this all day long. This way it’s accurate and up to date for less than you’d probably think. 

I have to ask.....Do you cut your own hair? Fill your own cavities?

I see too many business owners (and investors) struggling to figure out how to do bookkeeping and usually making a mess. I think there are better ways for you to spend your time. I’m not being snide. I tell this to clients all the time. You do you and outsource the bookkeeping. You’ll sleep better for it. 

Projects is more about job costing. You turn the Class feature on using the gear icon, the Account & Settings. Have it prompt you to add a class so you don’t forget. Make a class for General or Overhead too if you have non-property-specific transactions for your business (like a laptop or telephone expense ). 

Make a vendor called “Fuel” and use that. 

If you don’t use some vendor on the transactions, they’ll be quite difficult to find later if you need to. 

https://m.youtube.com/watch?v=JbHUN8YvFrU

Quickbooks is the way to go. Each property should have its own Class. 

 Certainly. Odds are they’re sending reports that already comply. If you’re unsure, check out the Schedule E for sample categories.

 ???

Is that how the ampersand symbol is displayed to you? I don’t see it. 

 That is a matter of preference. Personally I’d do option 2

 I have no clue. Good question for the City   

Excel would be fine for 2018 but it’s just as easy to use Quickbooks if that’s the direction you’re heading in anyway. 

Add your tenants as customers. Make recurring invoices for those tenants for their monthly rent. Post their Cozy payments against those invoices. 

If you’re planning on adding more doors in the future, you’ll need to use Classes. Use a separate Class for each property & assign a class to each transaction (money in or out). Profit and Loss reports can be generated for each class/property which is how the tax returns will work (each property reported separately).