With Landlord Studio, you can automate time-consuming tasks and communications, such as rent reminders and tenant auto-pay. As a result, landlords can streamline the management of their rentals.
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Improved organization and better, more tailored software solutions can mitigate (if not solve) many of the problems landlords face. Other features include differentiating between rent and other forms of income, setting reminders, and keeping all your relevant documents and receipts organized in one place. Plus, it has common income and expense categories in the default settings. Such software allows you to manage your finances by property or unit. It’s for these reasons that more landlords are switching to property management software like Landlord Studio. Nor does QuickBooks have features like built-in tenant screening.įinally, since QuickBooks is not targeted toward landlords, the support documentation and articles don’t provide industry-specific tips and there are limited educational materials to help you utilize the platform to grow your portfolio.
In addition, it doesn’t have the functionality to send templated emails to tenants or automate rent reminders. For example, although it facilitates invoice payments, it doesn’t have a tenant portal to allow your tenants to view historical and upcoming payments or set up automated online rent payments. The second major limitation is that QuickBooks doesn’t have industry-specific features. As QuickBooks isn’t designed with landlords in mind, you need an even better understanding of the program before it will start saving you time. There’s always a learning curve when adopting new software but this can be particularly difficult when the software isn’t designed exactly for your purpose. The first limitation of using QuickBooks for a rental property is that it’s difficult to set up everything correctly. In contrast, property management software like Landlord Studio has industry-specific features that are specifically designed to make rental property management easier. The Limitations of Using QuickBooks for a Rental PropertyĪlthough it is the leading accounting software for small businesses, there are some limitations to using QuickBooks for real estate, particularly for managing rentals. It’s worth exploring some tutorials on Youtube that can walk you through the setup process. If you have rent from more than one tenant, select “ Group with other undeposited funds” to move on to the next cash receipt entry. If you are inputting rent for one tenant only, click “OK” to save the receipt. Select the appropriate tenant from the Customer list.Choose the cash receipt account from the accounts dropdown list.Click on the customers’ menu – and select Receive Payments to begin entering your rent receipts.Set up recurring invoices for Rent Payments.Select your income types (Rent, Late Fees, Pet Fees) as Products.Set up your Chart of Accounts using the Schedule E categories.If you do decide to use Quickbooks for rental property accounting, follow these steps to set up your account and start entering rent payments.
Setting Up QuickBooks For Your Rental Property Good property management software will also offer property management specific features, such as customizable reports, rental applications and tenant screening. As it is purpose-built for landlords, it allows you to manage properties separately and is designed to make income and expense tracking as simple as possible. In other words, unless you’re skilled or have plenty of experience with QuickBooks, you may be better off using property management software. Similarly, the user interface for QuickBooks is not designed for individuals managing numerous separate accounts. In terms of using spreadsheets, this means having a separate sheet for each property, which can quickly get out of hand. In fact, you almost need to treat each property as an independent business. Essentially, when tracking income and expenses for your rentals, you need to keep your finances for each property separate, ideally on a unit-by-unit basis. The same issues that make spreadsheets unsuitable for rental portfolios make QuickBooks a challenge to use for rental properties. However, QuickBooks is primarily designed for small to midsize businesses.
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