Recommended accounting tools for paying landlords their share

Hi guys I was wondering if you could recommend a good accounting software for managing incomings and outgoings?

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What exactly are you asking? Are these Airbnb listings? Try reading through some of the posts here when you first join to get a feel for how the forum works. Sigh

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Excel is one we commonly use in the UK

Hi @ObiWilliams,
I’m a bookkeeper and I work with several different accounting applications. Could you give us a little more details and maybe we can point you to good solutions:

  • What country are you located in?
  • Are you a property manager?
  • How many properties will you be tracking income & expenses for?

Hope this isn’t another unresponsive new user.

@Maggieroni - Are you in search of helpful accounting tools as well?

No just commenting on the OP who has not responded to any questions or suggestions.

Google free accounting apps, after using pen and paper for 40yrs I’m toying with using Quickfile or Wave.

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I’m always so excited to hear when people decide to set up books using accounting software. It can be such a powerful business tool! @HumptyDumpty, what is prompting you to take the plunge?

The IRS in the UK is making company’s do online quarterly returns from 2019 and the self employed from 2020, my accountant is twisting my arm up my back to get set up and using software from April 2018.

Then why don’t you ask your accountant what system you should use. Normally it’s easier if you use one that is compatible with the one they use. Or ask them how you need to collate information required. As I mentioned Excel is normally fine for basic accounting.

I downloaded sage on his recommendation, it seems unnecessarily complicated, I just can’t get my head round it, most likely due to stubbornness & a lack of interest. It’s OK to use Excel for turnovers of less than £10,000 or that could have changed as the IRS is beginning to realize what a mess they are making.
I like my pen and paper double entry bookkeeping, we can’t even call them Profit and loss accounts any more its a "Statement of comprehensive income"
The accountant recons 90% of his clients will not meet the quarterly deadlines resulting in £100 fines. The IRS recons it will make an extra £120m each year from the fines, and that’s probably the only reason for implementing them.

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Sage is a nightmare for the lay person - an accountant’s software - personally I would use Excel or Quickbooks.

Depends what information you need from your accounts. If you such want to record monthly income/outgoings Excel is sufficient - It doesn’t matter whether it’s under or over 10K. If you need to pay VAT, run profit and loss accounts etc you are likely to need a finance package.

Personally I am glad the IRS is cracking down on small business, too many get away with not paying taxes and simply phoenix their companies when they run up enough debt that they can’t pay.

That’s why they are introducing the quarterly deadline to stop small businesses running up thousands in tax and other bills which they have no intention of paying.

@HumptyDumpty, If you findSage or Quickbooks overly complicated for your needs, then I’d suggest taking a look at Wave Accounting (Free) or Xero. They’ll help you digitize what you’ve been doing on paper and both have a pretty quick learning curve if you already understand double-entry bookkeeping. The reporting is extremely clunky and limited on Wave and a little bit better on Xero, but probably quite enough to meet your quarterly reporting needs.

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Thank you so much I have signed up to Xero and it is great

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That’s great, @ObiWilliams !! PM me if any questions arise while you get things set up.

For anyone else who is looking to upgrade from an excel spreadsheet, Xero Ledger would be a great way to update your current tracking methods. The plan is $12/month (US), but it’s only available via Xero Certified Pros. PM me if you’d like more info.

If you have M.S. Excel, google “Accountinator”. It’s a free download. You can customize it to fit your needs. Works great!

Isn’t Etsy for handmade products such as crafts?

People can’t feedback without buying your product.

He just joined, resurrected an old post and is trying to sell his software package. This is basically an ad. What else is new!

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