As a landlord, managing income, tenant information and maintenance can be overwhelming. There are several options to help you get over this. You may decide to pass all your bookkeeping on to an accountant.
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But if you're running a small rental business, you're probably already tight on cash — and that can get costly. The other option would be to handle all the bookkeeping yourself to keep your costs down. But if you have no accounting or bookkeeping background, it can get a bit tricky to try to balance everything on your own. Quicken Rental Property Manager is capable of handling 100 properties and 100 units per property, but these are its maximum limits. You may run into difficulty using Quicken Property Manager if you have rental activities of that size and scope.
The complexity of managing that many properties will probably require more sophisticated software to be effective. In these cases, the financial and tax reporting features that Quicken Rental Property Manager offers will probably not be enough for you to work efficiently. As mentioned above, Quicken lets you sync the program up to your financial institution.
So you can link bank accounts, credit cards, investments and any other products related to the rental property. Once everything is linked, you'll be able to balance and reconcile transactions based on your real-time banking history. But before you buy the software, you'll want to make sure the program supports your institution's products. Check with your bank or credit union to see if it does. While you don't need this function to use the software, it will cut out a lot of manual balancing and cross-referencing from statements, making the job much easier.