Subscribe to Answers
I just turn over my receipts to my husband--but he uses Quick Books. Haven't heard of the companies you mentions.
We use QuickBooks and have it synced according to the way our CPA wants it.
Michael Thacker - Re/M...
Nina Hollander, Broker
If I were you, I would talk to your accoutant. He/She would know what is needed in your case and that way you can coordinate it with your tax forms. I would not use this type of program. This is a one size fits all, and you need to do it right, and breathe easy at night. It is exactly how we set up our books. A
Nina Hollander, Broker
My system is rather low tech, I keep every recpt, make lots of notes and put them in envelopes to hand off to the professionals who deal with this stuff.
I'm wondering if Nina Hollander's husband is available -- I'm kinda liking that response....a lot.
I use my CRM, which has a budget feature in it, attached to my goals. Referral Maker CRM. Here's a FREE 30 Day Trial. Just enter your name & e-mail and send yourself the link if interested.
I also use Quickbooks for my taxes, but have a book keeper that does the work.
Quickbooks online - check with your CPA to see what will work best for you AND them.
I use Quick Books. Quick, easy and accurate.
You have received very good answers above. I would have a note book for mileage and days activites as well.
Tammy Inglis I've always used QuickBooks. It can be modified for real estate and works like a checkbook ledger. Simple to use with monthly P&L's and Balance Sheets for tax tracking.
Use Quickbooks for accurate reporting for accounting reports.
I am not familiar with either product. I have seen numerous way to track expenses. It depends on what your requirements, needs and wants are.
I assume it is for IRS so Excel like Jill is correct.
I also suggest you track your milage and write down each home address you showed to clients. Often people take advantage of newer agents use them to open door and strike a deal with listing agent directly. A friend became a referral agent at Redfin makes all referral clients to sign an agency agreement making them to pay for commission to the agent if they buy from another agent.....
Jill Murty, Realtor - ...
Laguna Niguel, CA
Tammy Inglis well, you are at right place at right time!
As far as tracking expenses is concerned, I rely on my Google Spreadsheet.
Quick Books is worth checking out.
I use quickbooks! It's too easy!
I use the old pen and paper method and I know just where I am
I just ditched Expensify, and moved over to Quickbooks online. Many reasons, but mostly because I felt it was lacking some things that I needed, mostly "structure" to make me do it! I HATE doing accounting!
I just use my personal Quicken account to track my expenses.
Ask your CPA what they want and how they want it. I set up an Xcel spreadsheet that follows my tax reporting forms (same categories) and it is filled out for each month and feeds to a summary page for a YTD. As each expense occurs it is booked. If I don't have time to enter it into the spreadsheet, I have a plastic shoebox on my desk that holds all receipts. I have a folder set up in my email for receipts and any electronic rec'ts rec'd are drug into that folder until they can be posted on the spreadsheet. Once posted they are printed and put in a manila folder which holds all paper cc's of receipts for the year taped to sheets of paper in monthly order (from the shoebox and email). I post on the spreadsheet at the end of every month ... so I always know where I am each month and YTD as well. I also have a mileage log.. a blank chart I print each month that goes on a clipboard next to my car seat .. I turn the key, I fill out the chart .. starting mileage/stopping mileage/destination & Comments. These "systems" work for me ... you need to establish a system that is easy for you to follow and be diligent in using it..... and a back-up for when you are short on time (my shoebox collection system)---so when you do have time, you also HAVE the data, and don't have to search for it. Good luck.
I made an Excel spreadsheet with items my CPA would like to see, and easy to record once I have receipts.
Here is my recommendation.
Consult your accountant and have him/her provide you with their preferred application and format for a real estate professional.
The advantage will be ALL the categories are defined and proper elements assigned.
Good Saturday morning Tammy. I am doing the same thing. I'm using a good old Excel spreadsheet.
Clearly, you're not married to an engineer. If you were, your sales and expenses would be tracked on a spreadsheet that includes projections for future sales and expenses.
I knew an agent who used a specific credit card exclusively for real estate expenses. That helped her keep track, but it seems like you're looking for something more.