All Forum Posts by: Jonathan Rash

I personally like Quickbooks Online, as a caveat I am a bookkeeper. 

QBO is able to set up recurring payments with card or ACH transfer. They have a mobile app. They have powerful tools for tracking all of your expenses based on location and type and you can customize this to whatever fits your needs. You can set up your expense accounts to fit whatever needs you have. You can export all different types of numbers as well and this is a short list. When all these are combined you can see how profitable each property is, how much you have in down payments, how much you have in unpaid rents, and so much more. 

They do not have a tenant portal that I'm aware of, though. There might be third party apps that provide something like this, but I haven't looked in a while. 

The downside is that if you're not familiar with it, it can take a little while to learn all the nuances. Isn't necessarily difficult, just takes time to learn how it's all structured. 

Jonathan Rash

Rashional Bookkeeping, LLC

Hey David, I like to set up 3 asset accounts. One labeled the property in question, one labeled "Value", one labeled "depreciation". The later two will be sub-accounts of the first one. 

At the end of every month/year you can create Journal entries to move your depreciation from the "Value" account into the "depreciation" account. It would be good to look at how much you've depreciated the houses to date, and create that journal entry before this tax year. 

You can also ask your CPA for a depreciation schedule to find out how much has depreciated so far if you don't have your taxes on hand.