| xerd | email | Jan 19 2016, 11:17 AM |
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I can't wrap my head around this. If I use cash from my personal money to purchase paint for a rental house, how do I record the expenses so they appear correctly under expenses? I want to make a record of the paint purchase as cash, with the vendor name and amount. I also need to reimburse myself during the year with a company check to myself. If I record both in expenses, then its a double entry that can only be separated by account type. Do I simply record the reimbursement somewhere else and not list it as an expense to the company? Where would I record this reimbursement so it doesnt appear on the expenses total? thanks -d |
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| Stephane Grenier | email | Jan 20 2016, 07:47 PM |
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Hi, Yes that's correct. The software is what is called an operations software. A good analogy of this is a hotel software, a hair salon software, a restaurant software, etc. For the hotel software you manage your guest reservations, take bookings, take payments for the rooms, video rentals, etc. Basically it manages your operations. That being said for a hotel software you generally would not expect the same software to necessarily manage your payroll or your own business expenses, for that you'd use a business accounting software such as Quickbooks, etc. The same is true for LandlordMax, it also works as a POS for managing your operations. Because you're already working with a lot of financial data some people expect the software to be both an operations and a business accounting solution, and there are solutions that will combine both. However what you'll find is that solutions that try to combine both are very expensive in comparison, much more expensive than running LandlordMax and a business accounting software, generally multiples per year in comparison. As well they will significantly increase in complexity in their daily operations to manage this. Instead with LandlordMax you have one software focused on your operations and one on your business accounting needs. You can of course use LandlordMax to generate reports to enter in your accounting software, much like a restaurant will run reports on their daily revenues, turnovers, etc. and then transpose those results into their accounting software. Again the same is true of LandlordMax. And similar to a restaurant software there are some solutions that try to do everything, including payroll and so on, but these are often only available to big chains due to their costs and so on. Most businesses will have one software for operations, one for accounting, etc. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
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