Online Bookkeeping

[Melanie802]

Hello,

I only have one rental and I am not sure if quickbooks is the right one.  I see REI Hub but do not know anything about that. Thanks for any info.

[Rebecca]

Hello @Melanie802 👋

Great question as keeping accounts is very important. I wonder if @Frances3408, @Zachary289 or @New-Bern-Vacation-Rentals0 may be able to share what they do when it comes to bookkeeping.

Thank you so much for sharing and supporting 😊

[Lorna170]

@Melanie802  With only one rental a simple Excel spreadsheet may be all that you need.  I recommend that you talk to your tax accountant about what expenses to track and how to record your reservations.

I have had multiple rental properties over the years and a spreadsheet listing reservations, their dates, what the guest paid, what taxes were collected as well as another spreadsheet tracking utility costs, maintenance and other topics found on Schedules C or E very helpful in reporting property income.

[Melanie802]

Thank you. I will check with the tax accountant and look at Schedules C and E as well.

[Frances3408]

@Melanie802 . I think @Lorna170 gave some sound practical advice.

Here our OZ tax office claims 90% of property owners get their tax returns wrong! So its important to record all related Purchases (whether expenses or capital items) and income (spreadsheets are a good start then maybe software like Quickbooks as you get up to speed, which is popular here for ease of use. Then if not sure what you can claim, see a tax agent.

[Melanie802]

Thank you. I will see if a spreadsheet is all I need or what our tax person needs to see for filing.