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Contributing User
Craig_H
Posts: 6
Registered: ‎01-03-2013
Australia
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Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Just started using LiveAccounts and am impressed so far.

Can anyone please share ideas on the easiest way to manage rental property income and expenses separately for each property. The reason this is required is that the properties have different percentage ownership between myself and my wife, so the income and expenditure must be proportioned accordingly. 

 

Only thing I can think of at this stage is to duplicate each item for property 1, property 2 etc, but this will quickly become unwieldy and does not seem right. For example the expenditure items list will contain Property 1 - Cleaning, Property 2 - Cleaning, etc.

 

What I envisage is a way to allocate an expense item to a particular property.

 

Any help is much appreciated.

Regards,

 

Craig

 

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Super Partner
JenPerram
Posts: 387
Registered: ‎19-09-2011

Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Hi Craig

 

One thing that comes to mind is that you could set up jobs in myob with each property being a different job and when coding income and expenses you could then assign a job number.

Jenny Perram
Bookkeeping Express Management
Mobile: 0408 25 1234
Registered BAS Agent
MYOB Certified Consultant
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Valued Partner
interAccounts
Posts: 114
Registered: ‎28-06-2011
Australia

Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Hi Craig,

 

Unfortunately LiveAccounts doesn't have the Job Codes facility yet so the only way you could separate each property is to have separate accounts as you suggested.  There is no other easy way to separate them out in LiveAccounts.

 

If you wanted to have one income / expense account and use the Job Codes facility, you would need to go to the AccountRight software.  If you're using Windows OS, you would be able to use the AccountRight Live facility (data stored on cloud and can also link your bank accounts up too) and depending on what other functionality you're needing you can choose between the Basics, Standard or Plus version of this software.  The Live facility isn't available for Apples yet.

 

If you wanted to continue using LiveAccounts and you have separate bank accounts for each rental property, and you wanted clean P&Ls for each property, then you'd need to have a separate LiveAccounts registration for each property.  The only problem with this is that its rather costly and time consuming - getting the AccountRight software would be a much better choice.

 

Good luck

Beth Herrell CPA
interAccounts Pty Ltd

Registered Tax Agent
B.Bus(Acc)
Servicing areas from Woolloongabba to Ferny Grove QLD
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Contributing User
Craig_H
Posts: 6
Registered: ‎01-03-2013
Australia
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Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Hi Beth,

 

AccountRight sounds like the go but we are using Apple, so looks like we will have to wait for that.

 

Good advice and insights though - many thanks for sharing them.

 

Regards,

Craig

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Community Manager
JasonHill
Posts: 5,611
Registered: ‎01-05-2012
Australia
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Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Hi Craig,

 

You might like to consider AccountEdge for your business. We recently released a new AccountEdge range for Mac users. Please let me know if you would like me to arrange for one of our sales team to contact you to discuss your options.

 

All the best,

Jason Hill
Community Manager

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Contributing User
Craig_H
Posts: 6
Registered: ‎01-03-2013
Australia
0 Kudos

Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Thanks Jason,

 

I had a look at the product features and it looks like this might be a good fit.

 

I will investigate further and be in touch re purchase if we decide that this is the go.

 

Regards,

 

Craig

 

 

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Community Manager
JasonHill
Posts: 5,611
Registered: ‎01-05-2012
Australia
0 Kudos

Re: Easiest way to manage rental property income and expenses separately for each property (because ownership % varies)

Thanks Craig, our team would be happy to assist.

 

Just let us know.

 

Thanks again,

Jason Hill
Community Manager

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