How do you do a bank reconciliation in LandlordMax?


Jon | email Jun 16 2017, 07:52 AM
Any Advice appreciated!!!
Thx
Stephane Grenier | email Jun 19 2017, 09:52 PM
Hi Jon,

The software doesn't offer bank reconciliation. As far as we know, there is no professional property management software that offers this in our price range. Any professional property management software solutions that offer bank reconciliation quickly escalates in price to the thousand dollar plus price range PER year. Bank reconciliation is very expensive and complex to implement therefore it quickly increases the price of the software solution. By not offering this we can keep the solution much much more affordable for you.

In many cases bank reconciliation doesn't really offer you much of an advantage, if any at all! The problem is that all the data still needs to be edited and linked. So for example, although you may have a line from your bank for $20, you still need to tell the software for what building, tenant, etc. that line item is for. You also need to include a description of the line item, and all the remaining information. All you really save entering is the amount and the date, the rest still needs to be inputted. You actually get a much better benefit from using the Scheduled Entries than from bank reconciliation as shown in Section 3.3 of the user manual at: http://www.landlordmax.com/support/index.php?pg=kb.book&id=2

That being said, there is only one single solution anywhere near our price range that will offer bank reconciliation but they are a personal finance software solution with some property management features added on rather than a dedication professional property management software solution (for example they can only handle one property owner, offer a lot less property management functionality, and so n). If you are considering this solution we also recommend you read their reviews on Amazon and so on before making your decision.

As well please note that you can export all reports as CSV files (https://www.landlordmax.com/releaseNotesV605/Export/Export.htm) that you can then import into an Excel spreadsheet and customize, etc. as you wish, including using it as a way of reconciling with your bank statement.

Regards,
Stephan Grenier
Founder
LandlordMax Software Inc.
http://www.LandlordMax.com
http://www.FollowSteph.com


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