@MargauxInDenver wrote: I would also suggest that you not use QuickBooks online. Horrorific edition truly! I have 34 years of QuickBooks experience all the way back to dos, I suggest desktop. I have many clients that are property managers and real estate companies, and we have 450 clients on desktop, only 2 on online and we are in the middle of converting them to the desktop. Margaux, I sooo agree with you. Made the mistake of allowing a bookkeeping service I was using (fired them), switch me to QB Online. Horrendous. We purchase, rent (traditional and short-term), renovate, run Airbnb's, provide short-term financing to other small investors, etc. and even though I initially set up QB (after a few workshops), I retained them to clean up a lot of things. What was set up was too complex for them as I also did a 1031 Exchange and had a lot of other things going on. I am now converting back to QB Desktop for both of our real estate LLC's and am taking courses to become QB Certified in addition to managing our real estate business with my husband. Our industry is unique to any other QB type business and I find that there is too much generalization that goes on. One has to know or get to understand the various nuances of Real Estate Investors and their properties or assets and how they are handled. Because of this lack of QB knowledge and expertise, I've had to take this route to become as knowledgeable as possible. So to the initial poster..... please by all means make sure that you get to know and understand ALL the activities that your real estate client is involved in, even if this means having numerous conversations with them. It will pay off in the long term. And yes, Gita Faust is fantastic! We've have spoken on several occasions and as someone who was in the real estate business, she intimately knows what we need and can certainly be of help through her materials to you. All the best to you!
... View more
Question? Under improvements, would you then create sub-accounts for those improvements (i.e., installation of new driveway, new roof, new fencing, etc. ) as some of these items are capital improvements and may be depreciated? Also, what about appliances? Thanks.
... View more