This means you can track when the money exchanges hands, not when expenses are billed or when revenue is earned. A key financial weakness is that while you can keep financial records on a cash basis, you can’t an accrual basis. This system though, as we mentioned already suits smaller portfolios better. It allows you to set budgets and manage cashflow, not just for your rental properties. Limited accounting functionalityįundamentally, this software was originally designed to be used in a goal-oriented personal finance fashion. This is a good software ideal for landlords with just a few properties, but, it’s not well suited for those who are juggling multiple multi-unit properties or have more complex rental management needs. It’s lack of automation features could inhibit a real estate investors portfolio growth rather than assist. Meaning you have to simply take the plunge and hope for the best. Quicken doesn’t currently offer a trial period of any sort. This is why we offer a 14 day free trial for our users so that they can determine if this really is the right software for them.

The right software solution for managing your rental property income and expenses is vital if you want to maximize your potential deductions, optimize your cash flow, gain a clear financial overview and ultimately scale your business. This is also part of the reason why Intuit (who developed Quicken) sold the company in 2016 to H.I.G Capital and developed Mint, their new personal finance software. For those with multiple units and more advanced needs though, a rental specific solution might be more suitable. Instead, it occupies a sort of middle ground somewhere between rental management and personal finance management rather than specifically or fully servicing either.įor individuals who only have a few rental units and want to manage all their finances easily in one place, this does offer a solution, meaning you don’t have to learn multiple accounting software. However, perhaps because of this simplicity in set up it does lack some of the functionality that you would expect from a modern rental management solution. Their product Quicken Rental Property Manager is designed with rental property accounting in mind and this does show. One of the good things about Quicken for rental properties is that, like Landlord Studio, it allows you to manage income and expenses at a property or unit level.

Select whether it is a Single Family Home (SFH), Multi-Unit (HMO).

Enter the properties name and address for the property.

Then select the Properties & Tenants button and choose Add Property.

The process is fairly straight forward following the below steps: If you want Quicken to display the income, expenses, and tax deductions by rental property, you must add a separate rental property in Quicken for each real-world rental property.

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