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Author Topic: QuickBooks Pro VS Rental Property Manager  (Read 38643 times)

Offline flaptowner

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QuickBooks Pro VS Rental Property Manager
« on: February 20, 2009, 04:26:44 pm »
It seems like a lot of people are using QuickBooks Pro.  But I was curious to people's thoughts on the Rental Property Manager software versus QB Pro.  What are the pro/cons to both.  Rental Property seems like it would be geared more directly to us.

And which one does everyone recommend.

Anybody using both?

I own a 9 unit apartment complex, a duplex, and a sfr.  I currently track everything in Excel.  But its becoming a lot more cumbersome with the 9 unit.

Offline Brian06

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #1 on: February 23, 2009, 01:55:00 pm »
Yeah you definitely need something to organize bills and track expenses.  I am pretty sure Quickbooks has a rental section.  From what I hear it is a pretty inclusive program and you can get tax and payroll updates every year.  Our secretary uses it for our construction business.

I have a property manager for my rentals who keeps my books straight and I just log into a web interface to check up on things.

Offline brockovich

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #2 on: February 23, 2009, 08:34:54 pm »
I use Peachtree Accounting and love it. It is a little more complex tha Quickbooks but much more complete.

Offline DFW_REI

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #3 on: February 25, 2009, 09:23:00 am »
I use Quicken Rental Property Manager. Its simple, its easy and its does the job fairly good if you have less then 20 units or so. It tracks rents, expenses and you can create different type of tenants tracking.

It is by no  means comprehensive property mngt tool but if you are a small landload like me it keeps things in order.

DFW
Investor Looking for Single Family/Duplex and other small units at great discount. PM me for any good deal

Offline mcwagner

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #4 on: February 25, 2009, 01:24:42 pm »
quickbooks will do everything you need. why pay more?
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

Offline JonathanLLA

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    • LandlordAccounting: how to use QuickBooks for Rental Properties
Re: QuickBooks Pro VS Rental Property Manager
« Reply #5 on: March 17, 2012, 07:34:44 pm »
I apologize to post to an old topic, but I have some specific data points from people who have tried to use rental property manager. It may be great for super small and simple landlording companies, but then you may be able to do it all with Excel, too.

Here's the low down:


Many of my customers have first tried to use Quicken Rental Property Manager, however it did not work out well for them. Because it is designed to be so "simple" many real business scenarios just aren't supported. QuickBooks's is still our best bet (between the two of them). Here is what some of what they said:

"I tried the Quicken PM [Rental Property Manager] - very busy and very non-initutive [sic]. - C.B. (Customer Spring 2009)"
"We are presently using Quicken Rental Property Manager 2.0. It is an entry level program but quite an improvement from our previous excel spreadsheet system.Quicken RPM 2.0 does not provide the ability to compare expenses, profits, between individual units/tenants on our property's. - D.W. (Customer Winter 2009)"
"Checked with my accountant on this one and turns out this is actually a QUICKEN product so it doesn’t have the double entry system and some other necessary business features. - C.K. (Winter 2009)"
"The new software [Rental Property Manager] did not produce any late notices and is not able to be interfaced with Quickbooks. - E.E. (Fall 2008)"

I hope you too will turn to QuickBooks since it is a real business accounting software package. It's not hard to set up, and with the guide you can order from us, you'll be quickly moving in the right direction.

Hope this helps,

Offline Real Estate Seller

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #6 on: March 17, 2012, 10:49:39 pm »
We use Tenant pro which have everything you need.
I am the king of short sales.

Offline motivatedceo

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #7 on: March 18, 2012, 09:01:03 am »
I wrote a pretty neat Excel spreadsheet that does everything I need it to do. So far so good! I think eventually I will convert it to MS Access form, so it can do a little more than it can do now.

Offline Estrogen Hostage

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #8 on: March 19, 2012, 07:39:27 am »
I use Buildium web app and am pretty happy with it. In addition to keeping books it helps with an online site for advertising rentals, a very nice way to list to craigslist with very professional listings, a way to take online payments from tenants, online maintenance requests, online applications and application fee payments, and tenants can log in and view documents like the lease, payment history, etc. This feature can be turned off too if you don't like that.

Offline STNTN

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #9 on: May 20, 2012, 11:04:43 am »
Are you still using Buildium, and are you still happy with it, I'm trying to mange about 35 properties with different owners and I'm looking for a solution in which I can manage the properties and the company financials in one program.

Offline STNTN

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #10 on: May 20, 2012, 11:07:45 am »
Also for those that use quickbooks do you have to set up two companies or not, and can you print tenant invoices, owner reports and manage expenses with it.

Thanks

Offline mcwagner

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #11 on: May 21, 2012, 03:25:57 pm »
two companies?  Only if you have two entities with separate tax returns.  QB allows you to set up as many companies as you desire, but you only need separate QB companies if they have separate tax returns.

invoices?  yep.  and statements, automatic late fees, etc.  A/R reports (who owes you what).  Handles cash posting and deposits easily.

owner reports? yep.  profit/loss.  profit/loss by property.  balance sheet.  balance sheet by property (2012 and later versions only).  cash flow.  custom reports.  pretty much whatever you need you can get.



Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

Offline STNTN

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #12 on: May 21, 2012, 09:34:49 pm »
Thanks for your reply I read somewhere on intuit site about the two companies, I'm not that familiar with QB would you be able to tell me how you have quickbooks setup,and are you able to manage doing your own repairs/rehabs and marking them up for the customer/landlord.

Thanks

Offline mcwagner

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #13 on: May 21, 2012, 09:42:06 pm »
Yep.

Although it's pretty easy to set up and use.  Very intuitive.
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

Offline Estrogen Hostage

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Re: QuickBooks Pro VS Rental Property Manager
« Reply #14 on: May 24, 2012, 08:02:51 am »
Are you still using Buildium, and are you still happy with it, I'm trying to mange about 35 properties with different owners and I'm looking for a solution in which I can manage the properties and the company financials in one program.

Buildium is good for the property and the properties books, but not for the management company.

For instance, you buy a faucet for $40 and install it on a managed house. I can enter a property bill for $40 plus labor, but can't manage my own books. There's supposed to be some way to do it on there by creating a new property and using it to "mark up" the expenses but I haven't figured it out. Also, if you bought the faucet for $40 and sold for $50 to the property owner this can't seem to do it either.

It's great for keeping the property books. I love it for listing and the website it creates for online applications and craigslist ads, etc. It lets me manage work orders, tenants create maintenance requests  online, etc. It stoes copies of a lease and documents like check in sheets so that it's easy to find, and give access to tenants (only if you want).

they recently came out with an iphone app that isn't great but looks promising. If it adds financial functions to it it'll be great. But I can do a lot of things right from the iphone without computer access now.

 




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