Tech Tips

There are several rental property management bookkeeping software options available, each with its own features and pricing. What software is “best” for you will depend on your own requirements and preferences. Here’s a comparison of some popular rental property management bookkeeping software:

• QuickBooks Online
• Buildium
• AppFolio
• Rentec Direct
• TenantCloud
• Rent Manager

QuickBooks Online:

QuickBooks Online is a widely used accounting software suitable for small to medium-sized property management businesses.

It offers features for tracking rental income, and expenses and managing financial transactions.

• You can set up different properties, tenants, and vendors and generate financial reports.
• Integration with banking and various third-party apps is available for streamlining property management tasks.
• Pricing varies based on the plan you choose, with options for both self-employed real estate professionals and larger property management companies.

Buildium:

Buildium is a property management software that includes accounting features.

• It allows you to handle rent collection, track expenses, and manage property finances.
• Features also include lease management, maintenance requests, and online portals for property owners and tenants.
• Pricing is based on the number of units you manage, and there are different plans available.

AppFolio:

AppFolio is a comprehensive property management software that includes accounting and bookkeeping functionality.

• It offers features for rent collection, expense tracking, and financial reporting.
• AppFolio also includes tools for online marketing, leasing, and maintenance.
• The number of units you manage determines the price.

Rentec Direct:

Rentec Direct is a property management and accounting software designed for landlords and property managers.

• It offers tools for tenant screening, rent collection, and expense tracking.
• Rentec Direct includes features for generating financial reports and managing leases.
• Pricing is based on the number of units, with options for both landlords and property managers.

TenantCloud:

TenantCloud is a property management software with basic accounting features.

• It provides tools for rent collection, expense tracking, and generating financial reports.
• TenantCloud also includes online portals for tenants and landlords.
• The software offers a free plan with limited features and paid plans with additional capabilities.

Rent Manager:

Rent Manager is a property management software with accounting features.

• It offers rent collection, expense tracking, and financial reporting.
• Rent Manager also includes tools for lease management, maintenance, and customer relationship management.
• Pricing is often tailored to the business’s needs.

When comparing these rental property management bookkeeping software options, consider factors such as the size of your property portfolio, your budget, and the specific features you require. Additionally, take advantage of free trials or demos to assess how well each software aligns with your property management and bookkeeping needs. Ultimately, the best choice will depend on your unique business requirements and preferences.

Related Topics: Benefits of AI Property Management Tools

Nonprofit organizations can use QuickBooks Online (QBO) to efficiently manage their finances, track donations, and maintain compliance with nonprofit accounting standards.

Here’s a Step-By-Step Guide on How Nonprofit Organizations Can Use QuickBooks Online Effectively:

Set Up Your QuickBooks Online Account:

Sign up for a QuickBooks Online subscription and select the appropriate plan for your nonprofit’s needs.

Customize Your Chart of Accounts:

Modify the default chart of accounts in QuickBooks Online to align with nonprofit accounting standards. Create accounts for different types of income, expenses, and funds, including restricted and unrestricted funds.

Set Up Your Donor and Member Records:

Create and maintain donor and member records to track contributions, donations, and membership dues. Include contact information and any relevant details.

Record Donations and Contributions:

Enter donations and contributions as they come in. You can categorize them based on donors, campaigns, or fundraising events.

Track Restricted and Unrestricted Funds:

Use classes or tags to track restricted and unrestricted funds separately. This helps ensure that funds are used in compliance with donor restrictions.

Manage Expenses:

Record all expenses, including program expenses, administrative costs, and fundraising expenses. Assign expenses to the appropriate accounts or classes.

Reconcile Bank and Credit Card Accounts:

Regularly reconcile your bank and credit card accounts in QuickBooks Online to ensure that your financial records match your actual transactions.

Related Topics: What Is the Differences Between QuickBooks and QuickBooks Nonprofit

Generate Financial Reports:

Use QuickBooks Online’s reporting features to create financial statements such as the Statement of Financial Position (Balance Sheet) and Statement of Activities (Income Statement). Customize reports to meet the specific reporting requirements of your nonprofit.

Track Grants and Grants Receivable:

If your nonprofit receives grants, track them in QuickBooks Online. Record grant income and allocate expenses related to grant-funded projects.

Set Up Recurring Transactions:

For regular expenses or income, set up recurring transactions to save time and ensure accuracy in data entry.

Use Online Banking and Bank Feeds:

Link your bank and credit card accounts to QuickBooks Online to streamline transaction imports and reconciliation.

Ensure Compliance:

Make sure your financial records and reports comply with nonprofit accounting standards and regulations in your region.

Collaborate with Your Team:

If your nonprofit has multiple team members handling finances, grant them appropriate access and permissions in QuickBooks Online to collaborate on financial tasks while maintaining security and privacy.

Back-Up Your Data:

Regularly back up your QuickBooks Online data to prevent loss of critical financial information.

Seek Professional Assistance:

Consider working with a certified QuickBooks ProAdvisor or an accountant experienced in nonprofit accounting to ensure that your financial records are accurate and compliant.

Using QuickBooks Online for nonprofit organizations can help streamline financial management tasks, provide transparency to donors and stakeholders, and simplify the process of generating reports required for annual audits and grant applications. It’s essential to set up and use the software correctly to make the most of its features for nonprofit accounting.

Related Topics: How to Move Your QuickBooks Desktop File to QuickBooks Online

Comparing QuickBooks and QuickBooks Nonprofit Accounting:

QuickBooks is an accounting software developed by Intuit that is widely used by businesses of all types and sizes to manage their financial operations.

QuickBooks Nonprofit is a specialized version of QuickBooks designed specifically for nonprofit organizations, such as charities, churches, foundations, and other tax-exempt entities.

Here are the key differences between QuickBooks and QuickBooks Nonprofit:

Features and Templates:

• QuickBooks: The standard QuickBooks software is designed for businesses and includes features and templates tailored for typical business accounting needs, such as invoicing, expense tracking, payroll, and inventory management.
• QuickBooks Nonprofit: QuickBooks Nonprofit includes features and templates customized for nonprofit organizations, including donation tracking, fund accounting, grant management, and the ability to produce nonprofit-specific reports and financial statements.

Chart of Accounts:

• QuickBooks: The default chart of accounts in QuickBooks is more geared toward business accounting, so nonprofits often need to modify it to align with nonprofit accounting standards.
• QuickBooks Nonprofit: QuickBooks Nonprofit comes with a chart of accounts preconfigured for nonprofit organizations, making it easier to set up and use.

Reporting:

• QuickBooks: QuickBooks offers standard financial reports suitable for businesses, but it may lack some nonprofit-specific reporting capabilities.
• QuickBooks Nonprofit: QuickBooks Nonprofit includes specialized reports such as Statement of Financial Position, Statement of Activities, and reports that track donations, grants, and fundraising efforts, which are essential for nonprofit financial management and reporting to donors and regulatory agencies.

Donation Tracking:

• QuickBooks: While you can track income and expenses related to donations in QuickBooks, it may not provide the same level of donation management functionality as QuickBooks Nonprofit.
• QuickBooks Nonprofit: QuickBooks Nonprofit has built-in features for tracking donations, donor information, pledges, and grant income, making it easier for nonprofits to manage and report on their funding sources.

Fund Accounting:

• QuickBooks: Fund accounting, a core concept in nonprofit accounting, may require manual workarounds in standard QuickBooks.
• QuickBooks Nonprofit: QuickBooks Nonprofit includes tools for proper fund accounting, allowing organizations to segregate funds, track restricted and unrestricted funds, and generate fund-specific reports.

Related Topics: Why QuickBooks Online the Best Bookkeepers Choice?

Cost Allocation:

• QuickBooks: QuickBooks may not offer robust cost allocation features, which are important for nonprofits that need to allocate expenses across programs, grants, or departments.
• QuickBooks Nonprofit: QuickBooks Nonprofit provides tools for allocating expenses, helping organizations accurately attribute costs to different programs or activities.

In conclusion, QuickBooks Nonprofit is a tailored version of the software created to address the specific accounting and financial management requirements of nonprofit organizations.

Related Topics: What is the Difference Between QuickBooks Online and Desktop?

Moving your QuickBooks Desktop file to QuickBooks Online involves several steps to ensure a smooth transition of your financial data. An overview of the procedure is listed below:

Important Note: Before starting the migration, it’s crucial to back up your QuickBooks Desktop data and ensure that your company file is clean and error-free. Also, note that the process may vary slightly depending on the specific versions of QuickBooks you’re using.

Step 1: Prepare Your QuickBooks Desktop File

Open your QuickBooks Desktop software.

Ensure that your company file is up-to-date and error-free.

Verify that your Chart of Accounts and lists are clean and accurate.

Step 2: Export Data from QuickBooks Desktop

Go to the “File” menu in QuickBooks Desktop and choose “Utilities.”

Select “Export” then “Export to QuickBooks Online.”

Sign in to your QuickBooks Online account or create one if you don’t have an existing account.

Follow the on-screen prompts to complete the export process. You’ll need to select the QuickBooks Online company to import your data into.

Step 3: Map Your Accounts

QuickBooks Desktop and QuickBooks Online may have slightly different Chart of Account structures. You’ll need to map your QuickBooks Desktop accounts to the corresponding accounts in QuickBooks Online.

Review and adjust the mapping as needed to ensure that your data transfers accurately.

Step 4: Import Your Data

Once you’ve mapped your accounts, proceed with the import process. QuickBooks Desktop will transfer your data to QuickBooks Online.

Your data’s quantity and complexity will determine how long this process takes.

Related Topics: What Is The Differences Between QuickBooks Online and Desktop

Step 5: Review and Clean Up

After the import is complete, review your data in QuickBooks Online to ensure accuracy.

Check your Chart of Accounts, customer and vendor lists, and financial transactions.

Verify that your balances and financial reports match your QuickBooks Desktop data.

Step 6: Reconcile Transactions

Reconcile your bank and credit card accounts in QuickBooks Online to ensure that your financial statements are accurate.

Compare your reconciled balances to your last QuickBooks Desktop reconciliation.

Step 7: Set Up Online Banking (Optional)

If you use online banking in QuickBooks Desktop, you’ll need to set it up again in QuickBooks Online.

Connect your bank and credit card accounts to download transactions automatically.

Step 8: Train Your Team

If you have multiple users, make sure they are familiar with QuickBooks Online and its features.

Provide training as necessary to ensure everyone can use the new platform effectively.

Step 9: Cancel Your QuickBooks Desktop Subscription

Once you are confident that your data is accurate in QuickBooks Online, you can cancel your QuickBooks Desktop subscription.

It’s essential to carefully plan and execute the migration to avoid any data discrepancies or issues. If you’re not comfortable with the process, consider seeking assistance from a certified QuickBooks ProAdvisor or Intuit support to ensure a smooth transition.

Key Differences Between QuickBooks Online and Desktop:

QuickBooks Online and QuickBooks Desktop are two different accounting software solutions offered by Intuit, each with its own set of features, advantages, and disadvantages. Here are some key differences between QuickBooks Online and QuickBooks Desktop:

Accessibility:

QuickBooks Online: It is a cloud-based solution, which means you can access your financial data from anywhere with an internet connection and on various devices, including computers, smartphones, and tablets.

QuickBooks Desktop: It is installed on a single computer or server, and access is limited to that specific location. To access your data remotely, you may need to set up a remote desktop solution or use hosting services.

Updates and Maintenance:

QuickBooks Online: Automatic updates and maintenance are handled by Intuit. You always have access to the latest features and improvements without manual updates.

QuickBooks Desktop: Updates require manual installation, and you need to purchase new versions periodically to access the latest features. Maintenance and data backups are also your responsibility.

Cost:

QuickBooks Online: Typically, it is sold on a subscription basis, with monthly or annual pricing plans. The cost can vary depending on the plan and the number of users.

QuickBooks Desktop: You purchase a license for QuickBooks Desktop, which is a one-time cost. However, you may incur additional costs for support, updates, and other services.

Features and Functionality:

QuickBooks Online: It offers a wide range of features and is suitable for small to medium-sized businesses. Higher-tier plans offer access to some advanced features.

QuickBooks Desktop: It has a more extensive set of features, especially in the Pro and Premier versions. QuickBooks Desktop is often preferred by businesses with complex accounting needs or specific industry requirements.

Customization:

QuickBooks Online: Customization options are more limited compared to QuickBooks Desktop, especially in terms of report customization and user permissions.

QuickBooks Desktop: Provides more extensive customization options, allowing you to tailor reports and forms to your specific needs.

Related Topics: How To Move your QuickBooks Desktop file to QuickBooks Online

Integration:

QuickBooks Online: It offers a variety of integrations with third-party apps and services through the QuickBooks App Store, making it easier to connect with other business tools.

QuickBooks Desktop: Integration options are available but may require additional software or services to connect with third-party applications.

Multi-User Access:

QuickBooks Online: Allows multiple users to access the software simultaneously, depending on your subscription plan.

QuickBooks Desktop: Multi-user access requires a separate purchase of user licenses, and the number of users is limited by the version you choose.

Ultimately, the choice between QuickBooks Online and QuickBooks Desktop depends on your business’s specific needs, budget, and preferences. Consider factors like mobility, scalability, and required features when making your decision.