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When you start managing rental property, you will need to find a good accounting system to track your rent payments, expenses, payments, and profits.

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2. Best Rental Property Management Software For Mac
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Residential Property Management @ 4% Ex. SAVE $6,435 (Incl. GST) over 5 years. Based on $750/week rental income if you were paying 7% (Ex. This money should be in your pocket or used to increase the value of your investment property.

Accounting Systems for Property Management

Just like any business venture, you need to be able to track the monetary success (and failures) of your rental properties with a good accounting system. Keeping good records of your financials will help you secure funds if you ever choose to purchase additional properties as banks will want to see records of your reserve funds and profits from your current investments.

You will also need to keep excellent records of your accounts for tax purposes and if you ever go through a real estate audit.

There are a few ways that rental managers and landlords choose to keep track of the accounting side of their properties: spreadsheets, QuickBooks, and property management software.

Spreadsheets for Rental Property Accounting

Some investors rely on spreadsheets or a pen and paper method for rental property accounting. This system is ok if you have 1 or 2 properties.

Spreadsheets on programs like Excel, give a landlord a way to track and auto-calculate totals from each spending category to provide you with your gross income, net income, and total expenses for the year.

Here is an example of a free Rental Income and Expense Worksheet from Zillow.

This spreadsheet from Zillow is designed for 1 to 5 properties, but as a real estate portfolio grows, you will need to find an accounting solution that gets easier, to accommodate the increased responsibilities that accompany more units. Modern bookkeeping-systems automate a majority of the job duties of a busy rental manager.

QuickBooks for Rental Property Accounting

QuickBooks is often at the top of any professional’s mind when they think about accounting software for their business.

QuickBooks can be used for managing your rental transactions by setting up properties as customers, tenants as sub-customers, and classes to track transaction types. The tenant sub customer will show all rent invoices, associated payments, and current balance.

QuickBooks also provides solutions for property managers, who often have more accounting requirements regarding paying owners and trust accounting. QuickBooks offers the following explanation for rental property accounting on their website: “QuickBooks Desktop allows you to set up a company file that lets you run your property management business and do tasks such as receiving and tracking rent from tenants, paying property owners and management companies, fees and overhead charges for property maintenance.”

Despite being the leading accounting solution for small businesses, QuickBooks has its limitations for managing rentals. Software designed specifically for property managers offers an industry-specific accounting system with the powerful reporting features of QuickBooks but it is already set up with categories and ledgers for rental management.

Quickbooks is great for general accounting, but it is missing all the tools that will truly make you stand out as the best property manager or landlord. With software designed specifically to your industry, you will get industry-specific tools like a tenant portal for your tenants to log into and make maintenance requests and pay their rent, an owner portal for owners to review their property performance, and built-in tenant screening so you can screen your tenants right within the same application.

Property Management Software for Rental Accounting

Often times, the difference between a positive experience and a negative one is lack of knowledge about the resources that will make property management easier.

The problems experienced by many property managers and landlords can be solved with improved organization and online tools that help streamline business tasks associated with managing rentals.

Property management software gives a rental manager or landlord all the tools you need to run a successful business. Epson scanner software.

Property management software accounting features:

• Full general ledger accounting for properties, tenants, and owners. You have the power to review, edit and print ledgers for every property, tenant, owner, and bank account used to manage your properties. Traditional accounting systems are not designed for property management and require double or even triple entry of transactions to maintain accurate and auditable records. With Rentec Direct, this double or triple entry is automatically handled, saving you time and eliminating error.
• The ability to accept online rent payments via eCheck(ACH) or credit card from your tenants.
• Property managers can pay owners electronically via ACH. With two simple clicks in the system, you can quickly identify the distribution amount due to an owner and electronically transfer the funds from your account to theirs. No checks to print, stamps to lick, or envelopes to stuff. The owner gets an electronic deposit into their checking account a few days later.
• Trust account certified software that complies with your state’s real estate board.
• Built-in 1099-MISC e-filing system to make tax season easier.
• A comprehensive set of financial reports and useful reports is included. With specialized reports for property portfolios and owners provide you the most relevant data quickly and easily for your clients. All reports can be emailed, printed, or exported to PDF or Excel. All your data can also be synchronized with Quickbooks to provide a familiar format to CPAs and bookkeepers.
• A mobile system that can be accessed on the go. Imagine traveling and one of your owners requests a report. You can log into your property management software from any internet-connected device to access a report to provide your owner. Or give your owner access to their own portal for them to view their own reports.

But My Accountant Loves QuickBooks

Good news! Most property management software solutions provide options to get your data over into QuickBooks with ease. You can also download reports and ledgers for your accountant to upload and view in QuickBooks. Easy peasy!

When selecting an accounting solution for your rental needs, the most important part is to choose a system that works for you.

Related Reading For You:

Imagine rental property management software built exclusively for you to manage single-family, low density and small residential properties easier and faster—daily.

Now consider the cost savings and increased revenue from your properties with state-of-the-art online property marketing, management and accounting software for web-based property management.

Best Rental Property Management Software:

Content

123LANDLORD

Rental property management software 123Landlord makes it unbelievably easy to manage all of your tenants & properties, collect payments and track rent due, and keep everything accessible any time, from any computer or device!

RENTBERRY

Rentberry – Long-term apartment rentals. Rentberry facilitates the long-term rental process for both tenants and landlords. We help tenants save time on rentals and landlords get true market values for their rental properties.

RENTBERRY

PROPERTYWARE

Online Property Management Software by Propertyware. Propertyware provides property management marketing & accounting solutions for landlords and property managers in the single family rental industry.

RENTPRO

Property management software, rental property software, rental software, landlord software, online property management – RentPro. Looking for property management software, rental property software, rental software, landlord software or online property management? RentPro is a comprehensive web-based software package for rental property management.

RENTPRO

ONSITEPROPERTYMANAGER

Online Rental Property Management Software. Property management software for rental property. Free 60-day trial, auto posts rents and late fees, free vacancy advertising.

TRUERENT

Property Management Software, Rental Property Management – TrueRent. Online Property Management Software for Landlords and Property Managers. Fast, Free and Easy. Rental accounting, Tenant portal and more.

TRUERENT

APPFOLIO

Property Management Software AppFolio. Automate & Grow Your Business With Easy-To-Use Online Property Management Software – Become More Efficient & More Profitable – Try It Free Now.

COZY

Free property management software — online rent, tenant screening, credit and background checks – Cozy. Screen tenants, pay and collect rent online, check tenant credit, and much more. End-to-end property management software for independent landlords.

COZY

QUICKEN

Quicken Personal Finance, Money Management, Budgeting. Manage your rental property and personal finances in one place

Includes everything in Quicken Home & Business plus:

• Easily organize your rental property and personal finances in one place
• Find tax-deductible rental property expenses you may have missed
• Manage income and track expenses by property with ease
• Top rental property management software, with over 30 years of experience

LANDLORDSIDEKICK

Landlord Management Software, Rental Property Management Software. Our landlord property management software helps you keep your rental healthy. Manage your properties with our rental property management software.

LANDLORDSIDEKICK

RENTAL-PROPERTY-SOFTWARE

Property Management Software – Residential, Commercial, Vacation, Resort and Space Rental Software. Our complete rental property management software systems are the best property rental management softwares for your residential, vacation, Bed & Breakfast, campground, RV resort, or commercial rentals. No monthly charges, great support, free trial for Mac and Windows.

TENANTFILE

Property Management Software – Tenant File Rental Property Management Software. Property Management Software by Tenant File – the best desktop on-site property management software for landlords or managers of residential and commercial rentals.

TENANTFILE

PROPERTYMANAGERONLINE

Property Management Software, Rental & Letting Agent Software, Maintenance PropertyManagerOnline.com. Property management software for landlords and property managers. Let property management software organise and manage you portfolio.

RENTTRACKER

RentTracker – Property Management Software for Apartment Landlords. Affordable rental property management software for apartment landlords and real estate investors. Free to beginning investors!

RENTTRACKER

WORLDOFRENTAL

Rental property management software – World of Rental. World of Rental –Free Online rental property management software tools, landlord management software, property maintenance software, online rental software.

RENTPOST

Online Property Management Software RentPost: Simplifying Rent™. RentPost’s cloud based property management software makes everything, from online rent collection to work orders, a breeze. Free 30-day trial; no strings.

RENTPOST

EASYRENT

Free Property Management Software – collect rent online, tenant screening, listing syndication – EasyRent.com. Start collecting rent online, screen your tenants, lease management, maintenance tracking, and more. Free property management software for landlords and property managers.

RENTALPROSITE

Rental Property Management Multifamily Properties Residential Management. RentalPro is easy-to-use multifamily and Residential rental property management system you can access anytime from anywhere in the world. RentalPro streamlines your rental property management.

RENTALPROSITE.

Update 10.03.2017: Top Rental Property Management Software:

Property Management Software Free

RENTMANAGER.COM – Rent Manager Property Management Software. Rent Manager is a powerful property management software tool that combines all the features you need to run your business into one integrated software.

RENTHQ.NET – Online Property Management Software by RentHQ. Online Property Management Software. Access and update your property management data from wherever you can get an internet connection! Free trial available.

STREAMLINEVRS.COM – Streamline #1 Vacation Rental Software Property Management Software. By Property Managers – For Property Managers. Industry’s Best Online Property Management Software! Lead Management, Accounting, Responsive Websites, CRM, Distribution Channels, and much more!

GREENHOUSEPM.COM – Easy to use, online property management – Greenhouse Property Management. Greenhouse PM is an easy-to-use, online property management software application that allows landlords and property managers to more effectively manage their rental properties.

CIIRUS.COM – CiiRUS Vacation Rental Software. CiiRUS has been the industry leader for all-in-one Vacation Rental Software. With over 30,000 homes across five continents, the CiiRUS network is continually expanding.

REALRENTA.COM.AU – Online property management software for landlords in Australia RealRenta. RealRenta specialises in Cloud Based Online Property Management Software in Australia for Investment Property Owners and Landlords, to cost effectively and efficiently manage their rental properties. Automatic Rental ledgers, Tenant Ledgers, Rent reminders, manage inspections, maintenance, rent arrears and much more.

KIGO.NET – Vacation Rental Software by Kigo. Learn how Kigo helps grow your business. Increase bookings through channel distribution, VRM software, vacation rental websites & guest communications.

LANDLORDVISION.CO.UK – Landlord Software Programs Property Management Software UK. Looking for the best property management software in the UK? You need Landlord Vision’s online property management software and landlord software programs.

LANDLORDENTERPRISE.COM – Landlord Enterprise™ Rental Property Software for Landlords & Owners.

RENTBOSS.COM – Rental property management software RentBoss. Rental property management software for small to midsize owners of apartments and property managers.

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