All Forum Posts by: Markus Shobe

What type of real estate investor are you (long term, short term, wholesale, flipping)? All that makes a difference on how your chart of accounts should be setup. I would check out Hector Garcia on YouTube. I think he does a great job at explaining real estate setup and transactions. At the beginning try and keep it simple. If you are are going to be using Quickbooks you will have to get Quickbooks advanced or plus subscription so you can use locations.

Most of my clients have a different bank account for each LLC. I think it is easier to manage that way.

With only one property you can use excel or wave accounting. They are both free. The most important thing is to stay on top of categorizing your transactions. That way tax time will be a breeze and you won't have any problems. 

Look at Hector Garcia on YouTube. He has some videos on doing real estate in Quickbooks. 

Most of my clients use Quickbooks. You can create a lot of great reports in Quickbooks. If you are looking for something free then it does not get better than wave accounting. 

@Abdul Lateef you are going to get a lot of different answers. The most important thing is to get a bookkeeper that specializes in real estate. It may cost you a little bit more but it will give you peace of mind that you have a bookkeeper that specializes in real estate. You don't just want to get any bookkeeper as that will cause a lot of mess down the road. I would not look for a bookkeeper that charges hourly, I would look for one that charges a fixed rate so you know how much it will cost each month. 

You don't put the values of the properties on the balance sheet. Only what you have paid on the property and the improvements that have been made. It can get a little complicated than that. You are also missing the equity section. Assets have to equal liabilities+Equity. 

@Christopher Moloney My clients use Quickbooks, and I highly recommend using an accounting system as it can get harder and harder to track. Once you have a system in place on Quickbooks it is fairly easy to use and the reports you can run are great. 

@Kevin Polite My clients Amex connections are working. I would try to disconnect and reconnect first. I have had to do this with some of my clients bank connections in the past. 

@Jason Stoltzfus While I don't think it's necessary to have a bank account for each property, it does make it a lot easier. If you are going to do everything through one bank account look at bnbtally it is an app that connects with Quickbooks. It can import Airbnb sales directly to Quickbooks. It saves so much time.