for your rentals? I was just reading about an app that uploads all your receipts. I’m wondering if anyone uses Xero for rentals or any other programme other than spreadsheets?

princess52 - 2021-10-05 17:21:00

I am an accountant and I don't think a single one of my clients uses anything other than a spreadsheet for their residential rentals, there are just not enough transactions per month to justify the cost of the subscription. I do have clients on Xero and MYOB, but they tend to be GST registered and running an accrual-based business (tracking invoices and bills) with large numbers of daily transactions.

lizzyj - 2021-10-06 10:29:00

I just use the spreadsheets that Tenancy Services provide - one for each tenant - and use Open Office (free) to run them. I have the shortcuts on the desktop so reconciling the bank data is quick and easy. Does that help?

raewyn2 - 2021-10-06 13:52:00

lizzyj wrote:

I am an accountant and I don't think a single one of my clients uses anything other than a spreadsheet for their residential rentals, there are just not enough transactions per month to justify the cost of the subscription. I do have clients on Xero and MYOB, but they tend to be GST registered and running an accrual-based business (tracking invoices and bills) with large numbers of daily transactions.

What is the average number of rentals that your clients have?

princess52 - 2021-10-06 16:51:00

lizzyj wrote:

I am an accountant and I don't think a single one of my clients uses anything other than a spreadsheet for their residential rentals, there are just not enough transactions per month to justify the cost of the subscription. I do have clients on Xero and MYOB, but they tend to be GST registered and running an accrual-based business (tracking invoices and bills) with large numbers of daily transactions.

.
Yeah. I just keep it old school and go through rental bank account when do a tax return.

Work it all out on A4 piece of paper or two.
It's even easier now with a property manager. All income and expenses
tellied.

Block of six - 2 hours max when was doing the whole lot myself. Only paperwork I do for the year.

houseofdad - 2021-10-06 22:16:00

Between 1 & 6ish. One of the things some do is download their bank transactions for the year in CSV format, open in excel, and then they have an easy to filter edit, etc file that they can code up quickly and send to me.

lizzyj - 2021-10-07 11:54:00

lizzyj wrote:

Between 1 & 6ish. One of the things some do is download their bank transactions for the year in CSV format, open in excel, and then they have an easy to filter edit, etc file that they can code up quickly and send to me.

I work for an accountant and we have a client that does that, for this rental and his consultancy business. Very easy. I would stay away from any integrated cashbook. Far too many clients are out of their depth and do not use them correctly. Spend more time fixing the issues than doing the actual accounts.

joanie04 - 2021-10-07 21:46:00

lizzyj wrote:

Between 1 & 6ish. One of the things some do is download their bank transactions for the year in CSV format, open in excel, and then they have an easy to filter edit, etc file that they can code up quickly and send to me.

Just as aside I found out quite by chance that saving and opening a CSV in excel is the way to go. Saves this old girl lots of wasted time.

joanie04 - 2021-10-07 21:49:00

joanie04 wrote:

Just as aside I found out quite by chance that saving and opening a CSV in excel is the way to go. Saves this old girl lots of wasted time.

Would it work just as well in Libre Office?

thumbs647 - 2021-10-09 17:38:00

thumbs647 wrote:

Would it work just as well in Libre Office?

Don't know. Have only used Libre a few times, many years ago and it was only for basic spread sheets.

joanie04 - 2021-10-09 18:32:00