All Forum Posts by: Richard Fisher

Hi Jennifer, By any chance do you use Buildium?  Once application is finished you can run credit, background and eviction report for $15 your cost, or charge tenant I think it's $35. I go through the applications and kind of number best to worse(job, salary, references) then if the favorite still wants the property, I run the reports and pay for it. Some tenants ask up front if I'm going to charge them an application fee. Some claim hey have already paid three application fees. I don't want to take a chance on missing a preferred tenant over $15. 

Hey Drew, Buildium will report on accrual basis if that's what you want, actually you can pick which one when you run the reports. I just want to have like a corporate set of books or cost center. And be able to allocate common cost to each property and to be able to post journal entries across properties. I do have work arounds for everything and only use Buildium, use to use Quickbooks exclusively and love it, but cost kind of got high and didn't have anykind of property management. If you come across one that has property management like Buildium and accounting like Quickbooks I'd love to know about it. 

Good Morning Polina, my 39 properties are in two separate LLCs. One of which I have a partner and the other is just the one owner. 
Rick

Hey Drew, just wondering is you have actually reviewed any of these softwares mentioned as having good accounting systems?  A few you mentioned I have tried and unless they have made big changes to TennatCloud and Rentredi are not very good.  I currently use Buildium and would like to have a better accounting package. Although I have zero complaints about the Property Management side of Buildium. 

Hey Polina,  I use Buildium and have for about 3 years now. It was sold to me as an all in one. I too am a landlord with 39 properties. 
Buildium is pretty solid software but the accounting is super klucky. I have work arounds for everything, the biggest drawback to me, and I'm a retired CPA is unable to spread a Journal Entry over more than one property. So for say depreciation instead of one journal entry per month it's 39 different journal entries. On the flip side if you pay say the buildium bill you can charge each property their share in one entry?  I see from another post there is a claim of accounting activities included in some of the other ones?  I have done tours in the past but they seem to be about the same as buildium. I am going to schedule a tour with DoorLoop soon, to see if they are different, let all us landlords know if you find something. Thanks, Rick

Buildium has Corporate Accounting?  I must have missed that and would love to know how that gets setup?  Everything I have goes to each property and keeps me screwed up  

I use to use Quickbooks, I have converted to Buildium for everything. The Property Management side is very good and solid. The accounting side is a lot to be desired. Very clunky. I'm a CPA by trade and I am able to work around all areas and make do. I was sold the product by the sales rep that it was full functional accounting system but it's not. I hate changing all the time because of confusion with the tenants but will somewhere down the road. 

Truthfully, I loved QB, but I am an accountant by trade. A little more entry but so flexible for accounting. I left QBs because the buildium sales rep convinced me that Buildium would handle all the accounting and the property management. The payments and receipts are good with buildium by dady to day accounting if you want a true financial statement kind of sucks and very klunky at best. I have been able to do work arounds for about everything but it sure would help if Buildium would just be a little more flexible and let you created journal entries to different properties much like checking writing allows you to do. I went through several softwares and really do not want to put my tenants through another change just yet. The auto pay does work really well and i have all but one of them using it. So for now Im staying but will be looking at something else in the near future.