| John W. | email | Feb 27 2018, 09:40 PM |
|
I'm using the trial version of LandlordMax. So far, I like what I see. I made several accounting entries and have reached a point where I need the ability to transfer money from one account to another, usually checking to savings. For one particular entry, I need to split a single check to 5 different accounts. Is there a straightforward way to do this? I read this post: https://www.landlordmax.com/support/index.php?pg=forums.posts&id=2562 Which sort of answers my question. |
|
| Stephane Grenier | email | Feb 28 2018, 10:27 PM |
|
Hi John, It's great to hear that you like the trial version. In regards to your question regardless of what solution you use, if you're going to split a single transaction into multiple accounts you still need to do that manually because there is no way for the software to know how much goes to each account. This is especially true if you're trying to apply the amounts against different buildings, etc., then these also need to be specified and can't be done automatically because there is no way for the software to know what amount is to be applied to what building. That being said if you want to save yourself a lot of data entry effort what I would recommend is to "Copy" the first Accounting Entry so that everything is the same and you can just edit the parts that are different, such as the amount, account, etc. Basically you create one entry, copy it, and then just edit the fields that are different. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
|
| John W. | email | Mar 1 2018, 11:58 PM |
|
Thank you for the response. What about transferring money from one account to another? I really like Landlordmax, but I'm beginning to see that I may well have to continue using Microsoft Money Plus just to have the ability to transfer money from one account to another. For this reason alone, it's not looking like I will purchase the program any time soon. I have one - three unit apartment building. The tenants deposit their rent directly to my checking account. From there I transfer money to three different bank accounts. Landlordmax is a robust property management program but the accounting section needs strengthening, i.e., transfer from one account to another; include check numbers for payments. I see others have commented on being relegated to including the check numbers in the comments section. This isn't very efficient. Thank you. |
|
| Stephane Grenier | email | Mar 2 2018, 10:59 PM |
|
Hi John, What you're describing is a ledger based accounting system, also known as a two entry accounting system. LandlordMax offers a single entry accounting system which means that all entries are entered as payments or revenues, much like you would see in a bank statement or spreadsheet. You can read more about the differences between the two accounting systems, including the pros and cons at: https://www.business-case-analysis.com/single-entry-accounting.html What you'll find is that two entry accounting property management systems cost significantly more, as in generally 5-20x more PER year than a single entry accounting system. This is due to the complexities and hence costs of the system. Both systems are good, and both are fully accepted by the government and IRS. That being said if you're managing just 3 units you will find property management software solutions that offer double entry accounting systems to be prohibitively expense. Basically LandlordMax manages your operations, it doesn't include personal accounting software. So for example if your properties were managed by a property manager or management company they also wouldn't give you reports showing that after the money was deposited into your personal/business account that you then transferred it again to other personal accounts, it would go only so far as to you receiving the money. It's basically the separation of personal finances and the operations of your business, which are two different things. If you absolutely need to mix the two then yes you will need a two entry accounting system, but in that case I would recommend waiting until you have at least 50-100 units due to the much higher costs of these solutions and staying with your current personal finance software. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
|