I just keep a record of everything in excel but was wondering if there is a software designed for investment properties or even a general accounting package that is not over the top for the average user?
I have been doing this a long time. No. Some say use Xero, MYOB etc etc. I say dont. It doesnt deal with non cashflow stuff (like Depn, deferred depn, tax refunds etc) and CGT and loads of things. Get it wrong and it a mess. And then there is offshore property and different tax periods and currencies. We have a new annual propery summary that does some stats and give a whole wealth picture etc Its V1.0 and I have ideas for v2.0 1. My rental Annual Summary 2. Foreign Property Sumamry 3. CGT record keeping tool Will cover most things. (#3 is maintained permanently)
John Xero or QBO works really well for almost all of our clients. Xero has a built in depreciation schedule. Just make sure you deal with an accredited advisor to set it up. Otherwise it is a mess if not created properly. Go to the Xero or QBO websites for details of accredited advisors. If you are a small investor you might not need this. Just have the agent pay all the the expenses through their trust account. If an accounting program can organise the affairs of the federal government I do not see why an accounting program can’t run your affairs. It is a universal language. QBO files can cost $5 a month.
Sounds cheap...I looked at this in conjunction with a far larger global software company than Xero and found the annual costs for one property plus issues galore with CGT adjustments, non-deductibles (that affect CGT) and numerous issues like apportioning loans, dates for depreciation, methods etc mean you need to be a CPA or a tax adviser to do basic summary for a rental. Whats your charge rate Ross ? Throw a hour in to resolve all the client entry and allocation issues (1/3rd will do something bizarre with GST on their resi and get the commercial GST wrong for things like water and rates outgoings) and mistakes and you are at $600 and the return isnt even done. Few property investors operate a dedicated bank account or operate multiples and datafeed dont work well. Then offsets which are unsupported. And loans are just unsupported. Throw in a blended loan and its a mess. I can be reeducated but havent found a simple client solution yet. Always looking though. Excel is the pencil and paper on the modern era. Hard to beat it.
Never seen a investor who has 100% paid by an agent. eg Loans, initial acquisitions deductibles, sale adjustments, land tax often non-agent, insurances, Airbnb ...... Ownership has its downside. First of which is responsibility for accounting and admin.
Somersoft’s PIA may be worth a look at. It’s basically an Excel Spreadsheet with a bunch of macros and a GUI. I’m not sure how it stacks up with others as it’s the only program I’ve ever used. PIA Software
I use reckon personal plus to reconcile all my personal bank and loan accounts and track my rental property income and expenses. I looked into using Xero ledger for $10 but my personal transaction, credit card and loan accounts aren't available for bank feeds.
Use MYOB and created my own Excel spreadsheets! Perhaps background in some accounting helps with MYOB, but accountatnt suggests XERO. I will stick with what works for me....
PIA is for forecasting and running scenarios on potential purchases - not for tracking actuals. PIA is not accounting software and shouldn't be used as such.
I use Saasu for tracking the basic bookkeeping stuff (reconciling bank accounts, assigning income and expense categories etc) for our trust, and my accountant prepares depreciation schedules and updates my books at EoFY. Works well - although I can see how people holding investments in their own name could make a mess of things.
Seems to be - Personal finance management | Reckon Accounts Personal $160 ... but I can't really find it listed anywhere else. I've been using Quicken/Reckon for over 25 years and still use it for tracking my personal finances - but I'm running the 2015 version of Reckon Accounts Personal Plus, don't know what the latest version is like.
I use the 2016 version there wasn't much change from the 2010 ish version I had before it. I get the impression they're not really spending money on the program but I believe it is still available to download.
