Balance Sheet feature updates

Wishlist
1

Hello -

I am writing for some requests on the balance sheet function for Stessa with some user stories:

  1. As a user, i would like the balance sheet to keep assets at cost, as lenders and taxes look at cost vs market value.
  2. As a user, I would like to have a balance sheet at different points in time in the past that only has properties during that time.
2 Likes
2

I support @derrick on this one. Stessa is clearly a single-entry accounting platform, which is great for ease-of-use. Most taxes (e.g., Schedule E) are driven by the P&L so a proper balance sheet wouldn’t seem to top the charts as far as features. That said, my accountants somewhat freaked out when I switched from QBO to Stessa for the very reason that it’s not a double-entry account platform. The current Balance Sheet report is lacking, and I’ve yet to find a good way to “plug” balance sheet entries so that I can even manually maintain some semblance of double-entry accounting in Stessa.

This is likely related to the following requests:

As a minimum viable product feature, we should at least be able to add an “external account” that’s not automatically linked to a bank feed. For example, some bank accounts don’t automatically integrate for whatever reason. That way, users can at least plug transactions against non-linked accounts for balance sheet accounting. The back-end for this seems like it already exists. However, instead of an external account simply connecting, users should be able to first add one manually and then select if they wish to link it to an automated bank feed.

5 Likes
3

Thanks @greg2 for the support. It would be tremendously helpful for a double entry form, which I believe would solve the tax use case you outlined.

4

What are users doing to work around this? This seems like a major issue.

2 Likes
5

We are using a different system for accounting altogether for tax purposes for accounting.

6

I agree with @deese and @greg4. I was forced to switch to Quickbooks by my tax accountant. Now, I have other properties in LLCs that they are asking me to switch too. It would be great to see a better option to manage the balance sheet. Setting up the cost basis fix asset portion of the portfolio is important. Also, tracking and adding depresiation and capex in the Blance Sheet would be very helpful.

7

@md1 I’ll respond to our other post, too. With this wishlist item originally dated 2021, I just want to point out what I see today:

  1. We can customize the value of the property and therefore input book basis instead of market value.

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  1. The balance sheet report shows an option to set a custom date vs today. I am currently a Pro subscriber so this may be a paid-for feature, I cannot recall.

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Hope that helps

-Tom