One of my new year's resolutions is to solve my bookkeeping problem: either hire it out or learn how to do it less painfully myself. I don't anticipate any more rehabs this year, so it should be pretty simple: just rent collection and occasional repairs.

Has anyone purchased John Hyre's package? Or do you have other recommendations?

ROBIN:

I think with the new tax law you might want to have an accountant at least for the first year and if you switch to an accounting program they could help you setup the books properly. You don't want to set them up and then have to go back and redo them

LUCY:

Which quickbooks online are you using - looks like there are 3 levels? Why are you guys paying a monthly fee instead of just buying to software and being done with it for several years?

I got that $99 quickbooks 18 pro deal from office max that was mentioned here last month.

I use QBO Plus and use it for 2 separate companies so two separate subscriptions. It allows me 5 users plus 2 accountant logins per company file not that I need that many but I like the option.

I used desktop pro plus so it was also a subscription service and I hated when I had to export my books for my accountant and couldn't access records that were out to the accountant for review. IN QBO my accountant and I could be working in the accountant simultaneously.

As GKARL said it is much more automatic than desktop. If your books are setup properly then it truly is on autopilot. I don't even have to accept my ach rental income it's automatically assigned by tenant.

Intuit pushes their product through accountants, so I pay nothing for my full featured package. I believe it's around 25-30 a month retail though. The great thing is it being cloud based as I move around a lot and need something that I can access readily.

John Hyre's course is EXCELLENT. You will learn a lot from it. If you aren't using cost segregation on your rental properties and would rather pay less in taxes now, this one technique, which is covered quite well in his course, will be worth the admission.

His course is set up to run on quickbooks. I prefer to own the offline version - pay once and have it for years instead of the monthly fees forever.

Just my .02..

I had used QB desktop for years and my accountant set it up for me. Transferring from desktop to QBO was a breeze.

I pay 15/mo per company. When I used desktop I upgraded to the newer version annually. I have the same subscription with QBO auto upgrade except it is less work and I can access it anywhere.

NC INVESTOR, when I first looked into QBO it didn't allow for classes so it was a non starter for me. I use the desktop version and only pay ever 3 years. I once had the accountants version and liked it much more. I could access two sets of books keeping them both open, and I could get past reconciliation reports which you can't with Pro which is really ridiculous! But it's probably not work $$$ more. Paying a monthly fee, doesn't appeal to me.

I had wanted to go to QBO early on but it was missing features that I was used to. Now of course they are pushing everyone to QBO some of which is fueled by accountants who prefer to access the books rather than a backup.

When I was still working in desktop my accountant taught me how to get past reconciliation reports.

LUCY:

It has been two years since I did that in desktop so I have to go back and look at my notes. It's very easy to do in QBO not so much in desktop.

I'll take a look and post here tomorrow.