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When you start managing rental property, you will need to find a good accounting system to track your rent payments, expenses, payments, and profits.

Accounting Systems for Property Management

Just like any business venture, you need to be able to track the monetary success (and failures) of your rental properties with a good accounting system. Keeping good records of your financials will help you secure funds if you ever choose to purchase additional properties as banks will want to see records of your reserve funds and profits from your current investments.

You will also need to keep excellent records of your accounts for tax purposes and if you ever go through a real estate audit.

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There are a few ways that rental managers and landlords choose to keep track of the accounting side of their properties: spreadsheets, QuickBooks, and property management software.

Spreadsheets for Rental Property Accounting

Some investors rely on spreadsheets or a pen and paper method for rental property accounting. This system is ok if you have 1 or 2 properties.

Spreadsheets on programs like Excel, give a landlord a way to track and auto-calculate totals from each spending category to provide you with your gross income, net income, and total expenses for the year.

Here is an example of a free Rental Income and Expense Worksheet from Zillow.

This spreadsheet from Zillow is designed for 1 to 5 properties, but as a real estate portfolio grows, you will need to find an accounting solution that gets easier, to accommodate the increased responsibilities that accompany more units. Modern bookkeeping-systems automate a majority of the job duties of a busy rental manager.

QuickBooks for Rental Property Accounting

QuickBooks is often at the top of any professional’s mind when they think about accounting software for their business.

QuickBooks can be used for managing your rental transactions by setting up properties as customers, tenants as sub-customers, and classes to track transaction types. The tenant sub customer will show all rent invoices, associated payments, and current balance.

QuickBooks also provides solutions for property managers, who often have more accounting requirements regarding paying owners and trust accounting. QuickBooks offers the following explanation for rental property accounting on their website: “QuickBooks Desktop allows you to set up a company file that lets you run your property management business and do tasks such as receiving and tracking rent from tenants, paying property owners and management companies, fees and overhead charges for property maintenance.”

Despite being the leading accounting solution for small businesses, QuickBooks has its limitations for managing rentals. Software designed specifically for property managers offers an industry-specific accounting system with the powerful reporting features of QuickBooks but it is already set up with categories and ledgers for rental management.

Quickbooks is great for general accounting, but it is missing all the tools that will truly make you stand out as the best property manager or landlord. With software designed specifically to your industry, you will get industry-specific tools like a tenant portal for your tenants to log into and make maintenance requests and pay their rent, an owner portal for owners to review their property performance, and built-in tenant screening so you can screen your tenants right within the same application.

Property Management Software for Rental Accounting

Often times, the difference between a positive experience and a negative one is lack of knowledge about the resources that will make property management easier.

The problems experienced by many property managers and landlords can be solved with improved organization and online tools that help streamline business tasks associated with managing rentals.

Property management software gives a rental manager or landlord all the tools you need to run a successful business.

Property management software accounting features:

Full general ledger accounting for properties, tenants, and owners. You have the power to review, edit and print ledgers for every property, tenant, owner, and bank account used to manage your properties. Traditional accounting systems are not designed for property management and require double or even triple entry of transactions to maintain accurate and auditable records. With Rentec Direct, this double or triple entry is automatically handled, saving you time and eliminating error.
The ability to accept online rent payments via eCheck(ACH) or credit card from your tenants.
Property managers can pay owners electronically via ACH. With two simple clicks in the system, you can quickly identify the distribution amount due to an owner and electronically transfer the funds from your account to theirs. No checks to print, stamps to lick, or envelopes to stuff. The owner gets an electronic deposit into their checking account a few days later.
Trust account certified software that complies with your state’s real estate board.
Built-in 1099-MISC e-filing system to make tax season easier.
A comprehensive set of financial reports and useful reports is included. With specialized reports for property portfolios and owners provide you the most relevant data quickly and easily for your clients. All reports can be emailed, printed, or exported to PDF or Excel. All your data can also be synchronized with Quickbooks to provide a familiar format to CPAs and bookkeepers.
A mobile system that can be accessed on the go. Imagine traveling and one of your owners requests a report. You can log into your property management software from any internet-connected device to access a report to provide your owner. Or give your owner access to their own portal for them to view their own reports.

But My Accountant Loves QuickBooks

Good news! Most property management software solutions provide options to get your data over into QuickBooks with ease. You can also download reports and ledgers for your accountant to upload and view in QuickBooks. Easy peasy!

When selecting an accounting solution for your rental needs, the most important part is to choose a system that works for you.

1. Cozy

Cozy jumpstarts our list as a popular free property management solutions that is used by more than 60,000 property managers and landlords in 6,000 cities across the United States. Cozy can also be accessed from anywhere with an internet connection on any device.

Pros

With Cozy, property managers can craft comprehensive online property listings with flexible image galleries that include in-depth lease terms, and information on amenities and pet policies. These listings can then be hosted on Cozy’s partner sites free of charge and even include a URL to copy and paste into posts on popular sites such as Craigslist. Interested tenants can also apply directly by creating a Cozy Renter Profile that will include all personal information (such as employment, salary, up-to-date credit reports from Experian, and references) in one location. Potential residents can even upload a short bio on their application to give property managers a better sense of who these applicants are. Background check are also available and free, but only for landlords using Cozy (applicants cover the background check fee). This solution also enables users to collect rent online with detailed payment information like incoming and past charges or even charge late fees directly to tenants. Offline payments can additionally be recorded into their payment tool.

Upcoming features for Cozy include document signing and storage, iOS and Android apps as well as income and expense tracking.

Cons

Because this software is heavily focused on the applicant side, this means that other features like managing maintenance reports or accounting options are not possible through this solution.

Have you used Cozy? Leave a review!

2. Online Rental Property Manager (ORPM) by AppGini

Online Rental Property Manager (ORPM) is a free and open source property management solution for those looking to manage their rental properties and units as well as applications, leases, and tenants. ORPM is accessible through PC, tablet, and mobile.

Pros

Because this solution was created using AppGini, users can easily customize ORPM to fit their needs, including a variety of tabs that touch on property details, prospective tenants, and applications that can be converted into leases. Within the “properties” tab, users can list the location, type, number of available units, and even attach photos and documents if desired. Within these units, users can additionally view specific features for any unit, such as rental amount and whether or not a particular unit is occupied, vacant or not listed. For applicants and current tenant, managers can access the contact information of their renters and personal information, such as phone numbers, email addresses, license plate numbers, gross pay, and additional income. ORPM also allows for emails to be directly sent through the application, enabling users to send emails to other users to arrange meetings or keep in touch with other employees or business partners.

Cons

While ORPM hosts a variety of features to help manage properties and their tenant, this solution does lack a payment component. A payment tool can be setup, but requires additional coding that might be out of range for those less technologically inclined.

Have you used ORPM? Leave a review!

3. Rentec Direct

Rentec Direct offers a free “Basic” platform for smaller landlords managing ten or fewer properties “as our way of giving something back to the landlording community,” the company states.

Pros

Rentec Basic offers three main features that property managers will find useful:

Income and expense tracking: The software provides a simple ledger account system along with reports that you can go over with your accountant.

Property and tenant accounting: This feature enables you to keep simple and accurate records of both your property and the tenants who live there.

Tenant screening: The software combs through public records and background checks of your prospective tenant’s history to help you determine if they’ll be a good fit for your property.

Cons

Reviewers didn’t have a lot to complain about with Rentec Direct, scoring an average of 5 out of 5 among more than a hundred reviewers. Some did have small complaints though, including that running reports “can be laborious,” or that the software could use some additional features to help organize tasks.

Have you used Rentec Direct? Leave a review!

4.RentTracker

(Screenshot of RentTracker app)

RentTracker is software for managers of rental properties. The company has been around since 1999, and recently unveiled apps for the iPhone and iPad.

Pros

RentTracker’s main advantage is that it’s cloud-based, allowing you the flexibility of managing your properties on your mobile device — or even your PC or Mac if you prefer. All the data is backed up online and secured via Comodo SSL. The cloud infrastructure supports 10 gigabytes per second.

The software enables you to manage tenant-vendor contractors, as well as rent payments and expenses. The software will also alert you when a lease is about to expire.

Cons

RentTracker is free, but fairly limited until you spend money. You can download it to your iOS or Android device, but you will have to pay if you want more than three tenant records. Additional tenant records cost $1 each, or you can buy in bulk for a lower price. The software also runs ads, which are removed with the purchase of a 10-pack of tenant records.

Have you used RentTracker? Leave a review!

Free Rental Property Management Software

5. TenantCloud

For landlords, TenantCloud is a free cloud-based property management option that enables multitasking and is accessible across PC and mobile.

Pros

Aside from basic property management options, TenantCloud offers users the ability to screen potential tenants with a comprehensive background check that covers social security number (SSN) validation, address history, and possible past criminal activity. Those interested can also make use of TenantCloud’s free marketing website component with layout templates and even create an online tenant application that can be accessed through any device. Through TenantCloud, users can additionally manage online payments, accepting both Dwolla and PayPay so users can collect rent with ease. Other standout features range from free unlimited online support to the ability to email tenant notifications right through the system.

Cons

Tenant Cloud is by far one of the more user-friendly and accessible options, but caps at 75 properties. Those needing to manage more properties will have to search for other solutions to satisfy their numbers.