All Forum Posts by: Simon W.

It really depends how the PM company. Are they getting vendors or they have in-house maintenance dept to do the work?

You shouldn't need to keep track of the PM's receipts as long as you know the monthly expenses. You should be receiving a monthly owner statement and then you can just incorporate it into your corporate accounting.

I have almost 20 years of PM experience in the accounting/finance world. My clients (landlords) have PM companies doing those accounting work and I help them with their corporate level accounting. 

Not really recommended to use a spreadsheet to create these financial reports because human errors can happen when entering formulas.

I mean you can do it, but it just baffles me that people are okay spending time doing accounting work without any knowledge/experience instead of delegating the work when there are people who go to colleges and graduate with accounting degree. Are you okay creating legal documents on your own without a lawyer/attorney and just asking advices on a forum? Or creating medicines without any chemistry knowledge? I get that a lot of things can be done by searching the internet, but wouldn't the best way to use your time is to focus on real estate investing and not real estate accounting?

Your CPA should be able to help out on all of those things you asking about. If not, it is time to seek out a different accountant that focuses in real estate

Question: if you are handling the bookkeeping side of things, are you also handling the other investor's private deals? If so, how will that work out. 

If you and your partner are doing some deals together but still have personal deals on the side. It is best to have 1 subscription for just the partnership and you will have your own separate subscription and your partner have their own way to keep track of their own deals.

Summary:

1 QBO subscription for the partnership

1 QBO subscription for your own personal deals

and whatever your partner wants to use for his/her own accounting platform

it's not co-mingling if you are just using it strictly for business and paying it out of the business account.

And if you do make purchases for personal stuff, just record it as a due from owner and then you reimburse back.

I mean it is easier for me to understand it because I am an accountant. lol

I have the amex platinum (personal card) I opted out of the business card because to me the benefits weren't as good as the personal card. I just use the personal card as my business card. 

 lol i just find it funny. This is the one thing I love doing. Been doing it for almost 20 years now. 

That seems a bit low and your accountant might be giving you an offer.

It really just depends on the accountant and the workload involved.

Quickbooks is really expensive but some clients has too much data in there to be moved to another platform. I have some of my clients using Buildium, Xero, QBO Plus, and AppFolio.

It sounds like your CPA doesn't know real estate accounting. It shouldn't be this difficult. Rather I think he was just being difficult with you.

If you are looking to get QBO, you would need the Plus and it is around $90/month.

Xero is definitely cheaper but the bank connections are limited so if you use a local bank it might not work. Do a free trial to see if it works.

You mean the money coming in from the bank?

debit cash

credit construction loan