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Accounting integration

Status: Requested 10 Votes
Tim
Apr 24, 2023 6:22 PM
Joined Oct, 2018 40 posts

Please integrate with another accounting system besides Quickbooks, which costs over $1000/year (If you want to use classes to track different properties, which everyone needs if they have more than one property)

Stessa is great, it's designed for rental properties, and it's free.  Other options are Xero and Freshbooks and Wave

Quickbooks is a huge overkill for a rental business, and difficult to learn for most people. The only reason people use it (and integrate with it) is because it's a well-known name.

Jennifer W
Apr 26, 2023 6:52 AM
Joined Oct, 2019 28 posts

My Accountant is working on an API to Xero but now I'm entering busy season and won't be able to test until next fall

Wei from SuperST
Jun 5, 2023 12:26 PM
Joined Apr, 2021 5 posts

Any update to this?

Does Stessa work well for short-term rentals if you manage for others?

Tim
Jun 5, 2023 12:55 PM
Joined Oct, 2018 40 posts

Any update to this?

Does Stessa work well for short-term rentals if you manage for others?

https://support.stessa.com/en/articles/2105533-the-power-of-portfolio-collaborators

 

Wei from SuperST
Jun 5, 2023 1:06 PM
Joined Apr, 2021 5 posts

Thanks! 

My question is more about general expenses that can't be attributed to a particular property; things that would fall on my management company.

My understanding is that if you're an investor and every expense and income can be placed against a particular home, Stessa works great. However, if you have general expenses that isn't specific to a property, it gets a bit more messy. Not sure if they already addressed it and I just haven't seen the documentation for it yet.

Tim
Jun 5, 2023 5:51 PM
Joined Oct, 2018 40 posts

1) Pay for the expense using any of the property accounts then "split" the transaction between the properties. This means on P&L reports, etc, the shared cost was apportioned as per the split.   https://support.stessa.com/en/articles/2309046-how-to-split-duplicate-and-merge-transactions

2) Open a separate account for shared expenses, or in your case, "management" expenses. You can have as many accounts as you want, each with its own debit card. Ideally it would be nice if they let you make a General Ledger entry on Dec 31 every year splitting those shared expenses across all properties, but I don't think they do.

Try the Stessa forums for more information