Hi ,
I am after a good programme or system for recording my IP accounts. I run a business already and use at the moment E Records from the ATO to manage my accounts. I am going to have to change in a week to something else as the software support is no linger continuing.
anyway… I like to be able to record my rent and expenses in a sensible business format. E records isn't the right programme.
does anyone have something they use that works ?? i dislike giving the account a bundle of statements etc to sort thru.. it also means I cant evaluate individual properties thru the year.Ideally I would like to be able to 'book' income and costs against each property in a way that I can print reports as comparisons etc, as well as have monthly breakdowns of all income and expenses.
any suggestions would be welcome.
gotta love a block of land and a house one it with someone else paying for it !!!
Hi Jo-Anne
We have quite a number of properties and we use Quickbooks Accounting Plus. We used to use MYOB but our book keeper prefers Quickbooks so we changed over. Our accountant is happy with either of these products.
Once you or somebody you hire sets up the "chart of accounts" in either program, they both then become reasonably easy to work with.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
thanks Paul, can u run 2 different businesses within either programme ? I already run a business ( Engineering and Drafting service ) and will be buying a programme for that ASAP
Cheers Jo-Anne
You’d have to choose either MYOB or quickbooks to ensure compatibility with your accountant. Quickbooks is better than myob for managing personal investments like rental properties. MYOB has a larger market share (more people use it), and can be used in the same way, but personal investment users are not ‘targeted’ as with QB. I would thoroughly recommend downloading the trial versions of both, and seeing how you feel. Both programs try to “conceptually organise” your accounting information to make it easier for non-financial types to understand, however they both organise the information differently. If the way you think does not fit their ‘concept’ you will find the software frustrating to use. try both – see which feels best.
Regarding the comparison of seperate properties, list each property as a seperate “job” (in either MYOB or QB), then you can print P/L’s for each job, and at least compare between them. Whether either program will generate a report to compare between two properties I’m not sure. But you can export your “job p/l” to excel and do the calcs yourself.
Sorry.. not very helpful.
Hi Jo-Anne
Yes, it is possible to run two different businesses in both programmes. We ran two in MYOB and now run four in Quickbooks.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks… my accountant suggeste quickbooks as it easy to use so I think I will head that way.
and I will trial the programme as suggested… I know what you mean abt programmes asking for data in a certain way..try using 3D modelling programmes LOL I know what i want to do but i cant always work out how the programme wants to do it.. so annoying !
Hi Jo-Anne,
What type of engineering/drafting service do you run? I'm a fresh engineer only 2 years out and a goal of mine was to make a similar firm when I'm experienced enough to do so. Was thinking of doing some drafting work on the side for friends and extended friends for things like decks and additions to houses and that sought of thing for some extra money. Have you been running your business for long? was it difficult to start? what kind of areas do you specialise in? Would love to know some of the ins and outs of it if you wanted to PM if you had any helpful information. What I like about engineering and design business is that there isn't alot of overlay except for the software. Do you have alot of guys with CPeng, im currently doing PDP to gain charter status but alot of guys I work with aren't bothering. I would say this is mandatory for a firm though?Hi Jeffery, I am just a humble draftie
didnt even complet my Assoc Dip in struct eng LOL ..lol what made me a success was the abliltiy to work out what my client is trying to achieve and then draw them up something they can use. I dont do domestic stuff.. avoid commerical like the plague !
I work in the manufacturing and mining sectors. I was lucky to do a drafting apprenticeship at a coal handling facility so I guess my focus is bext described at materials handling.
I have had the company going for 18yrs or so.. last 12 yrs free lance working for lots of clients. I use subcontract engs as I need them. bit odd that the draftie wins the work but thats how it is here. I sue a firm different engs, depending on the job and their skills. I also have a contract draftie who works 20hrs a week or so.. I am after more from him but he has other commitments so we have an udnertsanding LOL I dangle a good hourly pay rate to help him focus on my work
I get to work from home.. yes!!! and just go to site as I need to..
very lucky i have great clients and they respect my abilities
hope this helps you ……Thanks for your info Jo-anne. your setup sounds awesome. I really wanted to do something like this once i have a bit of experience behind me but was thinking maybe i could make some extra cash by doing some outsourced drafting for friends and extended friends for building projects etc. to get some more drafting experience. I guess the main part with the engineering is that unless you've had alot of experience in a consultancy and alot of engineering skills its hard to form a business so young and get work, so thought drafting maybe a way to break-in. Do you know the regulations for say doing a drawing for a friend for a deck or something similar in terms of who can sign off on the work? does it have to be cpeng, just wondering what kind of limits there are to what you can produce without needing higher statuatary sign offs.
mmm.. really not sure on that. I have one eng I can tuse for sign off as he isnt a member or something.. shame as he is a very exp mech eng in undergrd coal mines…..
i think you would have to be cert pract to get the insuracnce sorted…. which BTW can be painful. Thats why I subcontract… its cheaper for me and less risk as well.
if u contact a insurance brokng firm they will have speciliasts in your field that will advise you on what you need and what cover u can get. You will need Prof indemnity, Public Liab. plus workers comp if you are an employee of ur own compy.
didnt even complet my Assoc Dip in struct eng LOL ..lol what made me a success was the abliltiy to work out what my client is trying to achieve and then draw them up something they can use. I dont do domestic stuff.. avoid commerical like the plague ! You must be logged in to reply to this topic. If you don't have an account, you can register here.
