Anyone else using QB as their main property management software? There are a couple of books out there on how to do it. I like sending everyone an invoice on the 25th of each month and let them pay it electronically.
We use Quickbooks online for both our parks and like it a lot. Quickbooks does allow online payments as well as auto payments via credit card or ACH. Tenants will also call in with credit card info when they want to pay quickly to avoid an eviction filing. In short, Quickbooks can do everything you need it to and it’s very easy. Would we like everyone to pay online? Or course. But many of the tenants don’t trust the service or don’t have email accounts so we we end up taking nearly every form of payment - checks, money orders, credit card, ACH, etc., etc.
The fees on credit cards = 2.9% plus $.25 per transaction. ACH is a $.50 per transaction. You pay the fees. We bill back the transaction fees on the next invoice.
We have the most basic QB version and pay $160 per year for the online version. Before entering into the mobile home park business, I worked for a Software company. I have seen companies, both big and small, overpay for their software time and time again. My advice is always to keep things “simple, stupid.” There are a lot of ad-ons with all software but I would start out with your most basic needs - send invoices and collect money. You can figure the rest out as you go - 1099’s, payroll, expense management, etc…
You can do everything you need to do if you have Quickbooks and Excel. One final thought - I use Wave Accounting for my personal finances. I just started using it and really like it. It mimics Quickbooks and is not difficult to understand…it may actually be a bit more intuitive then Quickbooks. The best part is that it is free. You don’t even have to download it. You create a user name and password and you can be up and running it 2 minutes. I’m still learning the tool but honestly, I may consider using it instead of Quickbooks for our next park.
Best,
Jon
We use it on our apartment buildings. We do not have any parks yet but will use it when we do. We use the online version and love it.
Joseph
I use Quickbooks Pro for the financials and Campground Master for the reservation system (basically because this was a campground to begin with and already has my info in it) . You could do the whole thing through QB very easily except any seller financing… for that the best solution that I am aware of from Intuit would be QB Enterprise edition.
All this depends on how technically you want to track your money. I will switch to Enterprise when I start financing anything.
I know this is an older post, but how did you set up QuickBooks for your apartment buildings? I’ve been trying to see online from various videos, but haven’t really been successful at finding anything that good for the instructions.