All Forum Posts by: Vanessa Penarrieta

Quote from @Simon W.:

You might want to check out Buildium (affordable) and then AppFolio (you have to find out if you qualify with 60 units, I think min might be 100 units though).

You will need multiple bank accounts. You will need 3 accounts.

1. Your own corporate account - this is where management incomes will paid to you.

2. Security Deposit Account

3. PM Operating Account.

I do not understand the foreign account. Why would you be managing that?

I will take a look, thank you!

I want to add that this rental business is for vacation rentals/short-term, rather than long term rentals. The foreign account is msnaged because the expenses are charged in the foreign currency for a higher income.

I will take a look! Thank you!

I want to add that this rental business is for vacation rentals/short-term, rather than long term rentals. The foreign account is managed because the expenses are charged in the foreign currency for more of an income for us, we provide the services.

Hello,

I am in need of advice when it comes to rental property management accounting. What is the best software for upwards of 60 units? This includes property management expenses as well as rental income and expenses, additionally my own income and expenses. Essentially, each property owner has two accounts, one in USD for rental income, property management transactions, and commission paid to me, now the other account is in a foreign currency and deals mostly with the rental expenses and transfers from their USD account to cover these expenses.

Any suggestions would be greatly appreciated!