costs per property fields addition
Tufan B
Registered: 10/2/18
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costs per property fields addition
Jan 23, 2019 12:36 PM
Is there any plans to add costs that we incur, like supplies, cleaning cost, insurance cost etc etc (the parts that IRS wants in Schedule E) into the property directly. So we can use as a database for yearly taxes and also know the current sales - total costs for the year per each property. |
Tim K
Registered: 7/8/17
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Re: costs per property fields addition
Jan 24, 2019 8:49 AM
I recommend using an accounting system that is designed for this. I use Wave which is FREE. www.WaveApps.com Did I mention it is free? Tim |
Paul W
Registered: 6/9/09
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Re: costs per property fields addition
Jan 24, 2019 1:17 PM
We do have an Expenses area - and we're expanding that this year for bank account tracking and QB syncing - but Tim is right. You really need to have a separate accounting system (QB, Sage, Xero) that you use to track expenses, liabilities, taxes and so on. We do not ever plan on being a full double-entry bookkeeping product, so things like Profit & Loss and Balance Sheet wouldn't ever be able to be produced. Our Expense, Deposit and Bank Account stuff is meant to be a way to track things for PMs that need to bill them back to owners or be reimbursed, not as the accounting system. |
Tufan B
Registered: 10/2/18
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Re: costs per property fields addition
Jan 24, 2019 1:30 PM
Thank you Tim. I will for sure give it a try. |
Tufan B
Registered: 10/2/18
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Re: costs per property fields addition
Jan 24, 2019 1:34 PM
Thank you for the response Paul. Thank you. |
Paul W
Registered: 6/9/09
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Re: costs per property fields addition
Jan 24, 2019 1:46 PM
Yes, good eye on that. We are going to be adding specific enumerations on surcharges for known fees like cleaning, pet, extra guest, firewood and so on. Our API integration with HomeAway actually has made this important because of how they take fees and rates from our system when pushing across. We are looking to do that in OwnerRez as well which will flow to down-stream things like reporting so that you can see those broken out. Our Line Item Detail and Summary reports can already be pivoted to show some of those things but not as clearly as we would like. |