All Forum Posts by: Zach Savage

See you all there!

@Brice Inbody Welcome to BP from a fellow Accounting major!  My suggestion is to make a plan and don't be afraid to change it as you learn more.  Make sure you have some specific goals and just keep learning!

I agree with everyone else, Desktop over Online a million times.  One thing to add that I didn't see mentioned.  In online you can only have one window or report open at a time where in desktop you can have as many as you want.  I constantly find myself going back and forth between windows, whether that's multiple reports, a transaction list and the main report, reconciliation window and register, or any other combo.  In the online version you need to back out of the report you are in and start over to view a new report, and can't have more than one open or switch between the 2. There is rarely a time when I'm in the books and I only need one window.  Desktop version for sure.

Quickbooks is a great solution for tracking the income and expenses. The desktop version can be had for $150 and is capable of handling everything as you scale up.

I also vote for Quickbooks Desktop version.  Sit down with your CPA and have them go over how to properly record things and give you tips.  Maybe do this once at the start and again a few months in when you have actual transactions to work with.

The 2 main methods are by class or by customer:job.  Both allow you to show reports broken down by property.  Make sure that every transaction gets allocated to a class or job, and make one a "General" or "Overhead" to capture expenses that don't apply to a specific property.  Then make sure to run a report to show expenses not assigned to class (or job) every so often to make sure nothing is slipping through the cracks.  For chart of accounts, if you have a basic service company COA already, add Rental Income, Late Fee Income, Leasehold Improvements Asset, Security Deposits Liability, and you are most of the way there.  Best of luck.

Thanks for the input! So with the location being so good the condition and value of other properties in the area isn't as much of a factor?

I don't see too many places where there are new builds surrounded by lower value properties.  Is it not as hindered by the surrounding properties because the location is so good it can support itself or?

Hi all,

Was wondering how other local investors feel about the downtown BA area.  With all the renovations and upgrades going on in the Rose District I feel that it would be great to invest in the areas surrounding main street.

Just want to hear some opinions about the area and where you think it is going.

One bank account is perfectly fine for multiple properties as long as you keep track of the income and expenses by property.  That is what really matters, and is achievable via Quickbooks or another accounting software or spreadsheets.  Quickbooks easily lets you set it up where you can show income and expenses by property.  You can either do it by class or by customer/job.  In either case you are able to show an income statement (or any other financial report) by property.

At the end of the day it is all preference but as you scale do you really want to maintain 8 bank accounts for 8 properties?

I can't speak for property management software but as far as Quickbooks Desktop vs Online - I strongly recommend the desktop version. It has a lot more capabilities and options from an accounting standpoint. You can allocated expenses and income it by class and/or job to keep properties segregated. As others have mentioned the 3 years thing is no issue, you can use it as long as you want. I understand everything is moving toward cloud computing but at this time Quickbooks Online is no where at the level of the desktop version.