View Full Version : What program do you use to track expenses, investments, etc.
Just wondering what programs you all might reccomend for keeping track of my companies expenses (ie. msmoney?)
also what program or technique would be good to organize investment properties, sales, rentals, etc.
also does anyone know the best bank to open a business account?
thanks guys Im not sure Im in the right section for these questions but I fiqured if anyone will know it will be you guys, thanks!
Debbie
10-05-2006, 12:18 PM
For all of what you're asking for can easily be found in one software: Quickbooks 2006 #1 Small Business Financial Software. This one you can buy from Staples or other similiar stores.
I highly, highly, highly recommend that you also get Nancy Neville's (Nancy MI) CDs called: 2006 The Landlord's Guide to Quickbook and The Landlord's Guide to Quickbooks All Versions. The reason for this---she literally teach you how to use the software on step by step basis for whatever reason you want to use the software.
The cds are NOT just for Landlords. They also apply to everything else you want.
Nancy is a Certified Quickbooks Pro Advisor. Believe me, she KNOWS Quickbooks!
In fact, Nancy agreed to be the speaker at MB Chat Room and we are in the process of scheduling her as our speaker.
Nancy (MI)
10-05-2006, 01:29 PM
2007 QuickBooks will be out soon and let me tell you, they listened! They've always had the right idea, but they just couldn't get it to be "user friendly" for some reason. But...each year they improve (with age) and I have to tell you that 2007 is the icing on the cake. I was pleased with 2006 !! But 2007 is the best yet in regards to user friendly.
For the new beginner I highly recommend QuickBooks Pro 2007. Pro is all you need. Premier is a little more advanced as far as REPORTS go. If you plan to have a big business then go with PREMIER! 2007.
I will be designing a 2007 CD, but it won't be out probably until Christmas or the first of the year...I'll try to get it out sooner but I am very busy right now.
If you already have version 2006 or older and just didn't know how to use it...my 2006 and 2005 and older version CD's are always for sale for those of you who want to use your software but don't know how.
I will be doing a chat here...probably one in November and one in December seeing how a new tax year is coming up.
QuickBooks is the Financial Software Program that most CPA's use and prefer to use in their business.
Nancy Neville
Jim Johnson
10-05-2006, 03:23 PM
Just wondering what programs you all might recommend for keeping track of my companies expenses (ie. msmoney?)
also what program or technique would be good to organize investment properties, sales, rentals, etc.
also does anyone know the best bank to open a business account?
thanks guys I'm not sure I'm in the right section for these questions but I figured if anyone will know it will be you guys, thanks!
I track my investments with several programs.
Notes- I use NoteSmith
Quick-Books with 2 add ins...
1) Nancy's land-lording CD for my rentals
2) John Hyres CD for flips, S Corp books, mobile home notes, etc...
Real Benefits- track investment opportunities and first year analysis as well as 10 year analysis of investment benefits. This is an APOD with 10 year benefits program.
With no offense intended to anyone, the software I chose (after many months of research and test-driving assorted trial versions) is "The Professional Landlord" available for a competitive price at www.promas.com. I've been using it for nearly 3 years and have yet to find something it can't do for me. Well, okay, it can't replace faucet washers.
With respect to Nancy's QB adjunct, I have no question about its quality and value. After all, it was approved by the QB people themselves. QB, by itself, will require one to use QB for the financials and other software for the business side of investing. Most of us have some trouble with learning one software title and learning two at the same time would be overwhelming. I can't say for certain, but I believe Nancy's QB adjunct bridges the gap between QB and other REI software.
Jim Johnson
10-06-2006, 05:56 AM
With no offense intended to anyone, the software I chose (after many months of research and test-driving assorted trial versions) is "The Professional Landlord" available for a competitive price at www.promas.com. I've been using it for nearly 3 years and have yet to find something it can't do for me. Well, okay, it can't replace faucet washers.
With respect to Nancy's QB adjunct, I have no question about its quality and value. After all, it was approved by the QB people themselves. QB, by itself, will require one to use QB for the financials and other software for the business side of investing. Most of us have some trouble with learning one software title and learning two at the same time would be overwhelming. I can't say for certain, but I believe Nancy's QB adjunct bridges the gap between QB and other REI software.
OK... you have posted on this software before. Does it track your business expenses, like a S corp? Does it work like quick-books and still have all of the management tracking stuff? I have been to the site several times but that part of it is not clear. I can make quick-book tract 'accounting' stuff great... but it does not track my business 'things (units)' well at all... I track that in Notesmith...
Nancy (MI)
10-06-2006, 09:54 AM
Aldo said, "QB, by itself, will require one to use QB for the financials and other software for the business side of investing".
Aldo, I thought I taught you better than that....LOL. The answer to this is NO NO NO ....You only need one software and that is QUCIKBOOKS. All other software programs INTERGRATE with QUICKBOOKS.
With Quickbooks you can keep track of anything you want regarding Tenants, property, etc.
With QuickBooks YOU get to CUSTOMIZE it to fit YOU and YOUR BUSINESS... no other software program will allow you to do that for you.
Once again you only need QuickBooks and no other software to take care of all your finances, record keeping, etc.
My CD will show you how to do everything inside and out.
But please do shop around. Just because I love QuickBooks doesn't mean everybody does too. Please do try a demo of Aldo's. The perfect software program depends on the Individual's likes and dislikes. Not on what someone says. Only YOU can decide which is best for you. But I wanted to clear this up that QUICKBOOKS does NOT NEED any other software program to take care of ALL your BUSINESS NEEDS.
Nancy Neville
I am just starting my business so I am just going to use quick books for now, once I start acquiring some properties I may use nancy's CD, notesmith, etc.
Debbie
10-06-2006, 09:30 PM
Air,
Tim is correct.
However, Nancy's cd is what teaches you how to use the quickbooks to your advantage. If you buy the quickbooks, it's instructions is not clear.......
are you able to use older versions ie 2005-2006? what could be the disadvantages of using these older versions?
Nancy (MI)
10-07-2006, 12:31 AM
Tim It does track maintenance requests. I use it everyday. Lease Reminders are done through the Reminders List. Notifications. Everything you want to do QuickBooks will do it for you.
You see, the reason people think it doesn't is because they don't know it does it or they don't how.
You are right. I didn't go into detail about lease reminders and notifications. There are so many things that QuickBooks does that I didn't put in every single detail in the CD. But trust me...it does it.
And...all most programs intermingle with Quickbooks not the other way around. You do not need any other intergrated software. It's only a waste of time and money and a lot of double entry for nothing.
Trust me...I know what I'm talking about!
Nancy Neville
Nancy how much is your cd? do you have any trial versions?
Nancy (MI)
10-07-2006, 01:08 AM
I want to explain something about myself and QuickBooks. There are lots and lots of financial software programs out there. Great packages. Aldo has found one that he loves. He knows it works for him. It makes him happy. Tim loves his software program. Wallace loves hers. I love QuickBooks. It's all what we are use to.
When I recommend QuickBooks to someone it isn't because I want to sell my CD. I would love for it to make me a multi-millionaire, but I'm afraid it's just not going to happen in my life time, nor did I create it with that in mind.
Nine years ago when I became part of this business I not only had to learn how to be a Landlord but I had to learn how to do the taxes and my CPA demanded PERFECTION. I knew nothing about landlording, and never handled so many houses or repairs in my entire life.
I struggled trying to give my CPA what he wanted. I struggled to see where my husband and I stood financially in the business. But I didn't have a clue.
When I met my husband nine years ago, after his wife passed away, he had just purchased QuickBooks in addition to Tenant Pro. I tried learning both, but I had no clue what a Chart of Accounts was. Plain and simple I didn't have a clue about anything! Trust me..I am NOT AN ACCOUNTANT!
So I used Tenant Pro to keep track of tenants paying their rent and maintenance and I used QuickBooks to pay bills and write checks. Double Entry ....Double Entry...up the ying yang! And I still didn't know where we stood financially.
So I purchased another software program. Quicken Property Manager, and then I tried Promo's, and then I tried Alandlord Report....until I spent thousands of dollars on software that I didn't use because I didn't have time to read the manuals and even if I did, I didn't understand what it wanted me to do or what it wanted from me.
My CPA was breathing down my throat wanting PERFECTION. How could I give him what he wanted when I didn't even know how to give it to him?
I told myself this is it! I'm picking ONE SOFTWARE PROGRAM and that is it! I had to make a choice. I liked them all !!!! But I liked the way QuickBooks paid bills and printed out checks and my CPA used QuickBooks. So QuickBooks was going to be it.
I studied QuickBooks everyday. Read every document regarding QuickBooks I could get my hands on. Purchased CD's from Real World Training to teach me how to use QuickBooks (paid hundreds of dollars for that) and then I purchased a CD on accounting and taught myself that. And then I decided to test my knowledge by becoming a Certified QuickBooks Pro Advisor which cost me hundreds of dollars more, and I took test after test after test and had to pass each test with a score of 82 or higher. My final test...my EXAM I passed with a score of 94.
How many people have time to do what I did or the stamina or the money! Any software program could be the best for you if you did and do what I did. But not too many people will go to that extreme to learn something, especially if they are busy. And believe me I am a busy woman, but I had a mission and when I'm on a mission I finish it.
Now even if one does go the extra mile to learn a software program inside and out, they don't develop a CD to teach someone else how to use it. And they don't teach someone through visuals.
I took my years of Landlording and my knowledge of QuickBooks and I made a CD teaching others how to use it through visuals...teaching everyone everything I knew about QuickBooks at the time. In 2005 I knew alot...in 2006 I discovered new things and in 2007 there is still more things to learn and teach because every year QuickBooks gets before than the year before.
The reason I recommend QuickBooks is because I enjoy it. It's a good software program and just right for the normal Landlord or Property Manager. But also I recommend it because I give you my own Chart of Accounts and Items Lists, stuff that would take you years to learn and put together. I recommend QuickBooks because I don't know of anyone else who has a CD out, like mine that will teach you Tenant Pro, or Alandlord Report, or any of those other software programs. If I did I would recommend you buying that!
All these programs are good, but unless you know how to use it, it means nothing to you. Just a waste of money. Until someone develops a CD rom to teach you in simple easy words and visuals how to use it, you're stuck with me and my CD and Quickbooks...that's the simple truth. If you don't know who to use it ...you're not going to use it!
I'm a person who truly believes that if I had such a hard time knowing where I stood financially in my business because I simply couldn't understand how to use a financial software program, than others must feel the same way too... And if others feel that way and I know how to do all this stuff...than why shouldn't I take that knowledge and help someone else out so that they can learn how to do it too?
So that's why I developed the CD. It sells for $59.95 and it's a tax write off to boot.
So until someone else can teach you how to use those other software programs inside and out....I'll recommend Quickbooks until the cows come home.
BTW ...Tim...thanks for recommending my CD. Just had to get this off my chest.
Nancy Neville
anybody use quicken?
Tenant Pro, or Alandlord Report these are things you have to buy seperately?
Jim Johnson
10-07-2006, 02:33 AM
anybody use quicken?
Tenant Pro, or Alandlord Report these are things you have to buy separately?
quicken is a checkbook register... nothing more. Do not waste your time with quicken. **personal opinion** if your going to learn a program... learn one that will be there for you when you really need to track expenses, income, taxes, payroll, vendors, tenants etc.
As a side note. I believe in everything Nancy is saying about Quickbooks... because I use it. I also use Notesmith which imports into Quickbooks every month. I use Notesmith because it tracks things that Quickbooks can not. It is used for tracking all of the notes I have and I also choose to use it to track my rentals. If you get into producing, buying or selling notes, a note tracking software program is very handy. I can track several people that might own parts of the same note. It also breaks down each payment into each of its categories... which I will get into more in the Alternative Housing part of the board. Look for a thread to start soon on producing notes and tracking the payments... shameless plug :D
Lots to reply to here.
Jim, since I'll probably forget later, I'll mention now that a separate maintenance module is available and I know nothing about it. To your questions: That software has abilities well beyond my needs, so I may not be able to reply totally.
I'm not familiar with an S Corp, but it handles my C Corp very well and my bean counter agrees. Because of the options offered for customized reports, there are literally hundreds of very customized reports available. You can drill down to a specific expense, for example,.........nevermind, QB probably does that. However, the software allows multiple owners with one manager and/or one owner with multiple managers. Each can have their own ledgers. If tenant moves, leaving a broken window, you can enter the expense and charge it to (your choice) the tenant, the specific unit, or the property. Then, when refunding the deposit (which takes a few clicks to complete including printing the check), the cost of the repair will be automatically be deducted from the deposit if the repair was charged to the tenant. I could ramble on without knowing if I've answered your questions. I'll gladly address any specific questions here or via personal contact.
Aldo said, "QB, by itself, will require one to use QB for the financials and other software for the business side of investing".
Nancy, that was taken out of context. My very next sentence said "Most of us have some trouble with learning one software title and learning two at the same time.....". That was a clear reference to having to learn QB and, say, RentRight simultaneously.
But you still need those other integrating programs.
Tim, you are absolutely right. Anyone familiar with QB would be well-advised to look at Nancy's stuff. Anyone who is not might want to look at software that does it all without unnecessary complications, which may include acquiring and learning QB and Nancy's QB adjunct at the same time.
However, I disagree that QB and her CD are the ONLY things you need, software-wise.
Tim, I respectfully disagree with your disagreement. The software I use does it all, right down to addressing envelopes and sending custom (MS Word) letters and notices. Keeping a record of any contacts is a no-brainer.
I hope that clears up any confusion I introduced.
Tim, the truth is that I thank you for creating your perceived confusion. Selecting appropriate software for a person's specific needs is enormously difficult. I spent many months and untold hours while evaluating software before finding my best choice. Your thoughts and questions have generated replies that I prayed for during my search for new software.
Sorry, Nancy. Your 8:08 PM post was longer than any I care to read. I seriously hope that I didn't miss anything of value.
Tenant Pro, or Alandlord Report these are things you have to buy seperately?
AIR, you need to evaluate your software needs before making a decision. What works for you may not work for me and vice-versa. While my software works for me, it may not be what you need or require. Tell us what you want your software to do for you (agreed, not an easy task) and we might be able to send you in the right direction. I'd add that I've not heard good things about Tenant Pro and I've not heard of Alandlord Report.
Nancy (MI)
10-07-2006, 09:35 AM
Aldo said and I quote
"Sorry, Nancy. Your 8:08 PM post was longer than any I care to read. I seriously hope that I didn't miss anything of value"
I can't imagine why someone would say something like this? I put a lot of thought into my writings. I write to teach and to explain and to reason out. And I wanted people to understand that when I recommend Quickbooks it's not for financial gain but to help them. For someone to say to me that my post is longer than they care to read, it tells me that they view what I have to say as unimportant, and that's okay, many books and writings go unread because not everyone enjoys the same topic. But for an Administrator to point that out to someone that their post is too long to read or hold their attention, when it was directed for everyone, I find that a little bit rude. If it's too long to hold someone's attention or not an interesting subject, just don't read it.
We were discussing the other day rules and regulations and what posts we thought needed to be deleted if any. Not that I find Aldo an attacker or a stalker, but Aldo can be a very rude individual at time, and to be an Administrator on this site and say and do the stuff he says and does is disturbing.
As I've said this isn't the first time Aldo has made this comment to me regarding my posts being too long for him to read, and I feel that since Aldo is an Administrator of this site that he needs to be more in control of himself when he talks to others. It shouldn't matter to him whether a post is too long for him to read, and no reason to tell the poster so. When one is a simple simon one can over looked bad manners, but when one is in charge and in control of an environment, then more is expected from that individual than the common JOE!
Thank you
Nancy Neville
InvestorJoe
10-08-2006, 01:32 AM
Common JOE? Ahem.
I use an ASP offering that really does everything from drafting and tracking leases, notices, renewals, etc. To accepting maintenance requests from tenants on-line and allowing them to track the status and progress. I accept payments on-line, rental applications with the fee on-line that are then forwarded to the investigation team. It tracks tax liabilities and everything else I could need.
It does this for long term property held, flips (when I do them), notes, stocks, bonds, mutual funds and any other kind of passive or active income.
Payroll to my few employees is handled automatically. They enter their time and they all get their direct deposit every two weeks.
AR and AP are handled on-line as well. Payments, in or out, get sent to my bank's on-line API.
My CPA uses QB, so once a month she is automatically emailed an encrypted file that she decrypts and imports into QB.
I didn't have to learn the ins and outs of it because I don't use it that much. The transactions automatically get entered and dealt with in the normal course of business.
Jim, I knew I'd forget to mention something and that was how the Promas software handles payroll, in particular when entering and printing checks. Cumbersome might be a good choice of words. You have to pay your company's payroll taxes to the employe (over and above wages) and then deduct them.
I don't know who designed that, but I'd like to have been at the party s/he attended the night before it was designed.
Jim Johnson
10-08-2006, 05:01 AM
Jim, I knew I'd forget to mention something and that was how the Promas software handles payroll, in particular when entering and printing checks. Cumbersome might be a good choice of words. You have to pay your company's payroll taxes to the employe (over and above wages) and then deduct them.
I don't know who designed that, but I'd like to have been at the party s/he attended the night before it was designed.
Sounds like a party we all could use from time to time... I administer my payroll through my local accountant/CPA. I send him the figures, he tells me what checks to cut and where to send them. I have thought about using another service but when paying yourself out of a corporation it is sometimes best to have your accountant keep track of the money. Disbursements and wages must be tracked, and who better than the guy that is going to fill out the tax forms.
I would use your software to track the 'happenings' of each space for rent in a park. I know I can use quick-books but it is not all that user friendly. I want nice interface screens so my park managers can use it. Do you know if it can be monitored remotely? Also... is it easy enough for a manager to understand with a little on-site training?
I cant wait any longer for aldo's reply to nancy...
Debbie
10-08-2006, 12:46 PM
I cant wait any longer for aldo's reply to nancy...
Air,
Why? There's no need. That is between them.
hey what do you all include in your office, Im in the process of redoing my office, spackling and painting now, but I need to update some of my equipment, Im thinking about a new LCD monitor, a 3 in one printer, copier, fax, etc.
Jim, I can't be sure, but I'd certainly think that the software can be remotely monitored and/or used due to its ability to handle multiple owners (including multiple owners of a single property), multiple management companies, multiple managers and, of course, multiple properties.
A few hours of on-site training will be sufficient for an on-site manager if their responsibilities are limited to handling tenants' accounts, move-ins/move-outs, evictions, and maintenance if you choose to use the maintenance module.
If or when you need tech support, theirs is second to none, imo. Example: I had a problem (my error) that we were unable to resolve on the phone. They asked me to email a few data files to them for their techies to review. The really complex problem was resolved within 24 hours. Tech support is free for the first year and about $250/yr after that and includes software updates.
If you have the time to do so, I'd suggest test driving their 30-day trial version. Since learning new software can eat a lot of time, I'll be glad to walk you thru those things that I can.
They're very helpful, so you might want to call them with your remote access questions at 1.888.591.5179.
are you able to use older versions ie 2005-2006? what could be the disadvantages of using these older versions? also im trying to decide between quickbooks simple start or quickbooks pro any advice?
Nancy (MI)
10-09-2006, 10:47 PM
As with anything...we all improve with AGE...LOL
2007 is better than 2006. 2006 is better than 2005 2005 is better than 2004...and that is because everything becomes better once we learn how to do something.
When we are babies and try to walk we fall. When we design something new we are fumbling and playing around. When you get a new job, you make mistakes. Once you've been at it for years you're pretty darn good.
2007 is GREAT! THE BEST! and I'm working on the 2007 CD, however, I've been procrastinating a little because it's a lot of work and I hate to think of doing it all over again, but I will, but it may take about 6 weeks.
QuickBooks Pro is for the normal landlord and property manager. QuickBooks Premier is for more advanced businesses. Needing more detailed reports. And it's more expensive.
Debbie
10-09-2006, 10:56 PM
Hey members and guests---
Nancy can give you more details via chat room this coming Sunday evening (10/15/06)......
so I would be safe buying a 2006 version on ebay?
why isn't it a good idea to start using quickbooks before January? What should I do in the mean time since I opened my company this month
Nancy (MI)
10-11-2006, 09:09 PM
January is the normal month that most business use as the beginning of their tax year. If you are a seasoned business like a ski resort or a summer resort, then your tax year would begin either in November or in May.
When you use QuickBooks the day YOU BEGIN USING QUICKBOOKS is considered your START DATE. You must enter in everything from the beginning of your TAX YEAR (January) to the beginning of your START DATE. This means you would have to enter in every transaction that ever came into play from January until today. Too much work and a great cause for errors.
Continue to use what you have been using and begin fresh in January.
there in lies the problem, im not using anything currently, I picked Oct. 1st and the start date of my company, I feel as though I should be tracking my expenses or could I just start my year on the 1st of JAN?
Nancy (MI)
10-11-2006, 10:16 PM
If you started your Company October 1, 2006 then you don't have much to enter into the system, so go ahead. The only reason people should begin fresh on January 1st is if they have tons of data to enter into the system. But if you've already started your business October then hurry and buy QuickBooks because your START DATE is the date you begin USING Quickbooks
will I be able to use the 2007 version for the remainder of this year?
Nancy (MI)
10-12-2006, 08:49 AM
Yes...but my CD to teach 2007 is not finished yet if you needed my CD to guide you.
I set up an excel document where Im just going to list my expenses do you think this will suffice for the remainder of the year til I purchase quickbooks 2007?
Nancy (MI)
10-13-2006, 09:44 AM
Before I knew how to use QuickBooks I always relied upon EXCEL
I am creating envelopes where I put my receipts for each month, one that is not validated and one which is validated after I enter them into my program, do you think this is a good idea to keep track?
does anybody have an Excell template that works well and could possibly post?
vBulletin® v3.8.4, Copyright ©2000-2012, Jelsoft Enterprises Ltd.