Software, anyone?

[Debbie]

Hi guys,

Currently, we have never used any software/accounting involving our rentals. Everything's done in the old fashioned way.

We are seriously thinking of purchasing Landlord/Tenant type software that involves accounting, tracking, deposits, withdrawals, repairs, replacements, late payments, etc. etc. etc.

We are curious what software you use for your Landlord purposes and why you prefer that software (i.e. advantages as well as disadvantages).

Thanx!
Debbie

[Aldo]

Drat! It's about two weeks past my bed time and you ask a question that will keep me up for two more weeks. That ain't gonna happen. Instead, allow me to offer a (somewhat) short answer.

A few years ago, I chose to change software and spent several months researching LL software. I looked at a lot of titles and test drove a few. I sorta liked RentRight from www.rentright.com , but wasn't totally satisfied. I know what I want and I'll find it, even if I have to create it myself. Then, just at the right time, a professional property manager, known to me as Wallace-VA, suggested that I look at LandMaster from www.promas.com and I will be ever indebited to her. The only downside to that software is that it doesn't do windows. Really.

If this is of interest to you, I'd be happy to offer more info after I complete my Nov. 19th sleep.

[Debbie]

".......Sllleeeeppp iiiinnnnn hhheeeeeaaaavvveeennnnlllyyyy ppeeeeeaaacccee"
Night night, Aldo....

[Dan Auito]

Believe in Aldo! And pursue his advice. He is very knowledgable in this exact arena!

[Aldo]

Cool. I got a few night's sleep last night, so allow me to ramble a bit further.

The major issue for me is that I require software that will track my cash and bank accounts. RentRight can do that if it is interfaced with QuickBooks. I don't use Quickbooks and have no desire to learn, by necessity, two software applications at the same time.

Yes, RentRight is a bit less expensive. Maybe that's because it does less. Landmaster (recently renamed The Professional Landlord), as I recall, cost about $500. If you have more than a few units, it's worth every cent and more. Their unlimited tech support is better than any I've ever seen. The down side is that it is only free for the first year. Beyond that they offer optional support and regular updates which, IMHO, are a bit pricey, but worth the money for folks like me who can prove that humans have eleven fingers (yes, I can do that). Acownting is definitely not my strong suit.

I guess the bottom line is really a question. How can you go wrong with software in which the icon for tenants is a Happy Face wearing a propeller cap?

[Nancy (MI)]

If you are looking for the BEST FINANCIAL software on the market, QuickBooks is the big guy. It has been around for a very long time and grows with you as you grow.

99 per cent of QuickBook users do not use QuickBooks to it's fullest. They do not know that you can CUSTOMIZE it to fit YOU and only YOU.

I am a Landlord and have used QuickBooks for 8 years. In June I became a Certified QuickBooks Pro Advisor and have designed a software program just for property managers and landlords, teaching them how to use QuickBooks.

If you would like to see what QuickBooks can do and a peek at my course...go to http://www.sunriseinvestments.net and click on The Landlordstore & Gift Shoppe.

[Cate]

Hi All,

I own a property management company in Seattle and started with using Quickbooks Pro which is an awesome software package in general. I still use it for my corporate bookkeeping. However, I presently use Tenant Pro for the management trust accounts. We manage several hundred units and have trust accounts set up for each owner. This is a great program and after much shopping around, felt it was the best value for what it offered.

Good luck.

Cate

[Aldo]

To quote President BlueDress, let me say this about that. Two doors down Nancy (MI) mentioned a QuickBooks adjunct she created. I saw it and liked it, but my CPA advised against changing RE software unless mine crashed and there was no way to recover. If not for that, I'd have started the new year with QuickBooks coupled with Nancy's add-on.

Note that I'm not on her payroll and don't own stock in her company (if available). I like what I saw and saw what I liked. It's just that simple.

[Cate]

Hi Aldo,

I took a quick look at Nancy's course outline and didn't see anything on how she configured Quickbooks to handle the refund, recap, or forfeiture of security deposits and the subsequent integration from the tenant ledgers to the income accounts. Any idea how she has that set up? That's the one feature I need here in WA that was lacking in Quickbooks.

Otherwise, like I said, it's an awesome program that is highly flexible for just about every business that I can see.

Cate

[Nancy (MI)]

Cate:

Have you ever studied something so long that you just thought you'd never "get it" to find out later on that you made more out of it than what was there? Sometimes we get to "Analyitical" to see the simplicity of a problem.

Security Deposits are listed, just plain and simply Security Deposits. Since Landlords (Sole Proprietorship) fall under Schedule E, Schedule E simply has Schedule E: Expenses and Schedule E Income with a few little Schedule E's in between.

Your Tenant Ledger is automatically integrated through the reports you print out. It will show the Security deposit refund to that tenant, and to that property.

Not to sell my course, (I only designed to help other Landlord QuickBooks users and not to make a million dollars on it), you will see how to do EVERYTHING.

The Chart of Accounts in any software program is the Heart of the program. You set it up incorrectly and you won't get what you want.

The only difference between QuickBooks and other software programs is that you can CUSTOMIZE it to fit YOU as an Individual. No other program will allow you to do that and I teach you how in my program.

It's so much easier to show someone when they have it in front of them. My course is set up to show you how to do things as though I'm there helping you.

Of course my screen shots won't show you my entire course. There are over 600 pages in my course and all you have to do is click on a topic and it will take you there. No more thumbing through manuals.

Once again, this sounds like a plug. Please believe me it is not. I just like QuickBooks. I've tried all the software programs out there. Spent thousands of dollars on them to keep going back QuickBooks.

Everything you are asking is right in front of your nose in QuickBooks, you just don't know how to use correctly and that's the only reason I've designed my software.

To help you out just type in your Chart of Accounts "Security Deposit" Schedule E: Rents Received, (covers the security deposit tenant paid. Then type in "Security Deposit" Schedule E: Other Expenses, when you return it to them. It just doesn't get any simplier than that.

To view the Tenant Ledger, Click on their name. That's ALL ! It will show their payments, their Security Deposit, their water bill, you name it, it will show it.

To print a report by Tenant: Go to report, click on Profit and Loss, modify it to show the Tenant's name and bingo! Or just print out a report on that tenant. So many options I could design a course! LOL

Good luck to you.

[Nancy (MI)]

We have Tenant Pro as well. And...ALandlord Report...(I told you we've spent thousands of dollars finding the right software program. However, I thought to myself, I don't want to enter everything twice. Once into QuickBooks and the other into tenant Pro and ALandlord Report....Egads what am I doing.

Do you realize that all the other programs are intergrated with QuickBooks. !!! Does this mean that QuickBooks is the grandaddy and everyone uses it to do their FINANCIAL ACCOUNTING. The answer is YES. And because you can customize it to show you all the data that you need per tenant, just like Tenat Pro and all the others. you deisgn it to do it!

I have my Tenants Day they moved in. Their Rent increase date. How many pets or children they have. Their SS#, phone numbers. You name it I've got it.

For Property Managers. My course shows you how to customize QuickBooks to show all the apartment buildings your clients own and their tenants, and the apartment numbers. With all the extra stuff that all the other programs offer, EXCEPT, it's all in one software program. You know why. Because YOU designed it to do that stuff.

You know why no one knows about all this in QuickBooks, because like any other software program who has time to read the huge manuals. I didn't. The only reason I know QuickBooks and became a Certified QuickBooks Pro Advisor was because I finally got tired of buying software after software programs to finding myself doing more work than what I had to do. Who wants to enter stuff into QuickBooks and another software program too!

Well, I'm off my role now.

Good luck to you!

[Debbie]

Thank you so much Nancy!
Within the next few weeks, when my little girls are being kept occupied, I will make the effort to get and work on Quickbook.
BEWARE, Nancy, I may contact you for HELP! LOL

Aldo, when the time comes, I'll ask you what, if any, to avoid crashing. Unless, it's because you have a different software that could increase the chance of crash?

Thanx. Debbie

P.S. - Aldo, as per your PM and other thread, bummer! What a holiday to have your system crash! I wish I was there to help out!

P.P.S. - BTW, Aldo, yes there is a chat room in MB. Everytime, I go there--nobody's there. Unless, there's a scheduled chat with speaker.

[Aldo]

When I mentioned crashing, I was referring to a system crash. (That was my favorite Christmas gift. My hard drive took a dive on Christmas Eve.) My software isn't likely to crash and, if it does, I can download the software and re-enter my data from my weekly backup.

Like you, I've been to chatroom often and had a very pleasant conversation with myself. There is (or was) a scheduled chat at 7PM (central) on Saturdays. I usually have a family commitment at that time and can rarely get there.

[selwin]

I've been using a program called RealTools (www.nichesw.com) and have been really happy with it. I'm on their new release testing team and there is a version coming out that is GREAT. They listen to customers and have great support. the new version will run in 30 day eval mode so it is try before you buy (that is not posted on the web site yet). It is the only program I found that really automates everything and I can just fire up and get a summary of what needs to be done.

I also spend a lot of time looking for the ideal software. While nothing has been perfect, some of the programs out there are simply awful and expensive. I'll never buy software again without using a demo or getting a money back garantee.

Sean

[Jim Johnson]

Hi guys,

Currently, we have never used any software/accounting involving our rentals. Every-thing's done in the old fashioned way.

We are seriously thinking of purchasing Landlord/Tenant type software that involves accounting, tracking, deposits, withdrawals, repairs, replacements, late payments, etc. etc. etc.

We are curious what software you use for your Landlord purposes and why you prefer that software (i.e. advantages as well as disadvantages).

Thanx!
Debbie

Debbie,
I use a program that tracks my notes, rentals and then interfaces with Quick books. I think it is very important to use systems that are designed for specific uses. My note and rental tracking software, Note-smith is really good on the note side and a bit weak on the landlord side. I use it to mainly track all money coming in and out of the real property. Quick-books is a bit complex if you compare it to Quicken (which might as well be a check book register). It really tracks every part of your business well and can be customized to fit your exact needs. I happen to follow the system designed by John Hyre for my book keeping but that is primarily because he is a big mobile home guy and part of his system addresses that aspect of the business. I can not speak to who I would have used if I had nothing in the mobile home business. If your going to buy into a system I recommend you put on paper where your business is going and find a system that addresses every need. I try not to mix and match when it comes to this because every system tracks things just a little differently. I would totally confuse myself. Also... coll thing with John Hyre was part of his package was a template for quick-books with all of the accounts already in it. So all you do is start entering numbers. Made it easy for someone that hates accounting... like me.