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(More customer reviews)I've been managing rental property for about 15 years, starting with 2 buildings and 10 units at the beginning and now with 25 units in 5 buildings, containing a mix from studios and 1-bedrooms up to 4-bedroom apartments.
I recently decided to update from a very old version of Quicken, and since they had this program specifically for rental properties, I thought I'd found a perfect match. I couldn't have been more wrong.
You would think that a company that has made accounting software for this long would understand the most basic needs, like a running total alongside each transaction (which even my 7-year old edition of Quicken had). Nope. There is only a single running total. Make a mistake, and it is virtually impossible to backtrack and find. How about a field for your check number, the singular way to identify your checks/transactions? It doesn't have one. One of the 8 or so automatic fields they do give you is unit number. Problem is, it's a simple numeric assignment based on the number of units you input when you create each building's account, and it can't be altered. Apartments lettered instead of numbered, numbered in partial sequence, alpha-numeric, by floors, cardinal direction, etc? Tough luck. These are just a few of the problems or basic design flaws I've come across. It took several painstaking hours to transfer the entries from my old software and books into this new software, and now I'm stuck until I either find the time to transfer the data to something I trust, or I continue to use this program until the end of the year. It's half baked, and that's putting it lightly. I wouldn't recommend it for even the most entry-level rental property owners or managers. I can't imagine a big firm using it. Regular quicken costs half as much (though even that's getting horrible reviews on Amazon). The previous reviewer said it's no better than a simple excel spread sheet. I'd go further and say it's worse. Save your time and money, and just create a simple excel file.
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Organize your rental income and expenses in one place.New! Quicken Rental Property Manager, offers the easiest way to organize critical income and expense records in one place. We'll help you eliminate the paperwork hassles, making tax preparation a much easier process. •Integration with Quicken Personal Finance or Turbo Tax software is not available.
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