So tax-related expenses that are not necessarily for a specific property can be logged and tracked:
-Charitable contributions
-Etc.
31 Likes
This is what I was trying to suggest as well.
Enabling the user-defined categories would be extremely helpful. There are some good income and expense categories already provided in the system, but they don’t cover all the scenarios. So currently I either have to track that somewhere else (which defeats the purpose of using a single system to track everything), or group that into one of the existing categories, even though it doesn’t fit (which would make it less accurate when you start running reports).
So please consider to allow users to add new income and expense categories, similar to what quickbooks allow you to do. That would be tremendously helpful!
Thank you!
12 Likes
Also, the underlying technology is Yodlee.com and yodlee allows user defined transactions.
Paul Lavallee
pblavallee@gmail.com
508-942-2530
1 Like
Is there a way to update or add categories to the pro forma? I want to add a section for vacancy expense. I budget money every month for vacancies so when I do have the vacancy, I can expense it to the budget rather than pay the mortgage out of pocket for the months the unit is vacant.
Thanks!
10 Likes
Same question here. Any suggestions?
@rjsprop @lardenny Thanks for requesting this feature. The Stessa pro forma does not currently support a vacancy reserve. As a result, we’ve gone ahead and moved this thread over to the Wishlist where other users can vote for the original post and/or add their replies.
2 Likes
Thanks Devin. Do you know why some of properties include more expenses in the pro forma budget then other properties I have uploaded. For example missing management fee line item for two properties.
I agree with this being a great thing to add. Would love to be able to add custom expenses to better align with how I do my property analysis. Things like vacancy, cap-ex etc.
3 Likes
Being able to add custom categories would be really helpful!
1 Like
I have warranties on each of my rental properties, primarily for the sewer lines. It’s voluntary, so it’s not quite insurance, yet there’s nowhere in Admin & Other to categorize it. Could you add a category for home warranties that hits in Admin expenses?
4 Likes
Agree - would be great to have custom categories. In addition, would be nice to have “Property Evaluations/Inspections” as a sub-category of Property Management. I think the only similar category is under legal/pro services / inspections. I consider routine property inspections as separate from professional service inspections such as home, roof or foundation inspections.
5 Likes
My accountant has specific categories she would like me to use to report expenses to her. Most of them fall under a “supplies” category. There is no good category to use for this. I’d like to either be able to create my own custom category or to have a “supplies” category added. Below are the categories she wants me to use… so if I use the “consumables” or R&M supplies categories it will inflate my R&M expenses.
Advertising
Auto and travel
Cleaning and maintenance
Commissions
Insurance
Legal and other professional fees
Management fees
Mortgage interest paid to banks, etc.
Mortgage interest paid to individuals
Other interest
Repairs
***Supplies
Taxes
Utilities
Dependent care benefits
Employee benefits
Other Expenses (Description):
4 Likes
I agree
All the best,
Paul Lavallee
508.942.2530
| caoconnor24
July 9 |
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My accountant has specific categories she would like me to use to report expenses to her. Most of them fall under a “supplies” category. There is no good category to use for this. I’d like to either be able to create my own custom category or to have a “supplies” category added. Below are the categories she wants me to use… so if I use the “consumables” or R&M supplies categories it will inflate my R&M expenses.
Advertising
Auto and travel
Cleaning and maintenance
Commissions
Insurance
Legal and other professional fees
Management fees
Mortgage interest paid to banks, etc.
Mortgage interest paid to individuals
Other interest
Repairs
***Supplies
Taxes
Utilities
Dependent care benefits
Employee benefits
Other Expenses (Description):
Agreed on the custom expenses. Would also be good to include categories for overall company expenses and LLC related fees. Holding properties within multiple LLC’s has a lot of fees and structures that would help inform my CPA
4 Likes
Agree, we use Stessa for our holding company but would like to be able to use this for our property management company as well. In order to do so, we need to be able to support payroll-related expenses (similar to Salary for assistant, employee / payroll expenses ) as well as property management income.
4 Likes
It would be great to have customizable fields and the ability to add more than one type of insurance.
4 Likes
I need to add new categories and edit some to fine tune and streamline different properties with different setup. How to do this.
1 Like
I need to add new categories and edit some to fine tune and streamline different properties with different setup. How to do this.
1 Like
@loharam Custom categories are not supported on Stessa, although we do add new ones from time to time based on the popularity of various requests on the Wishlist. Feel free to make your requests there so others can see your suggestions and vote for their favorites.
One of the big advantages of Stessa is that it’s purpose-built for real estate and works right out of the box, with minimal custom set up required. By limiting the number of transaction categories to a definitive list, we’re able to provide more accurate reports and metrics across the platform.
Would love to have either the ability to create custom categories or at least have categories added more specifically for short term renting (home supplies, welcome gifts, etc)
9 Likes