Hello, I have started using Stessa and I love it but my bookkeeper is warning me that the balance sheet provided with the Pro version might not be to my accountant standards and for audit purpose and record keeping.
He tells me that it would be better to use Quickbooks for tax purposes.
As anyone experience problems with the balance sheets provided by Stessa? Are you using Quickbooks + Stessa?
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@northbee.realty Can your bookkeeper elaborate as to the problems with the balance sheet? If you have a partnership or Corp you need a balance sheet. If you are a single owner and use Schedule E for taxes, you don’t even need the balance sheet.
A lot of bookkeepers and accountants are just used to using Quickbooks for everything. It’s within their zone of comfort. Quickbooks is overkill for rentals, in my opinion. Also adds significantly to cost. That’s why for myself and my landlord clients, I use Stessa for our bookkeeping needs. For my businesses, I use Quickbooks because I need the double-entry accounting.
I am not a lawyer, tax professional, nor is this tax, legal, or financial advice. I am not licensed to do anything in your state. My opinion is strictly for entertainment purposes only
Hope that helps.
-Tom
Stessa’s balance sheet is not on a book basis, so the balance sheet records market values of properties. This does complicate accountants and that ends up costing you more. Using quickbooks for real estate is doable but it’s not as user friendly for generating rel estate related reports.
@md1 Thanks for clarifying. Repeating here what I wrote on the other wishlist post for visibility to others:
- We can customize the value of the property and therefore input book basis instead of market value.
- 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.
Hope that helps
-Tom
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