Is there any expectation there will be assets and liabilities added? Maybe I just missed them but I did not see them. I’d like to be able to track receivables and payables and have a historical record of those transactions. This would also let us track depreciation.
If this already exists and I missed it will someone please let me know?
@lotsllc You’re not missing anything. Stessa does not currently support tracking of accounts receivable or accounts payable. This would be more of a full-service accounting approach and our impression is that most rental property investors are looking for efficiency and speed when tracking income and expenses. That’s why Stessa is designed to work best as cash basis tracking with a single-entry per line item.
@lotsllc We’re happy to “report” that there’s now a balance sheet available in Stessa on the Reports page. The brand new Balance Sheet report allows you to quickly see bank, escrow, security deposit and other important account balances at a glance. It also shows market values and loan balances across your portfolio. Give it a try!
Hi Devin,
This is great. More info needed on the balance sheet (CAPEX, Depreciation etc) but great start! Thank you.
I would love asset tracking. I know this feature was added recently, which is awesome, but would like to be able to find a way to add other depreciable assets currently owned on Stessa as well.
I have been looking for a simple software that will auto calculate the depreciation but they seem to be much more complex than what I am looking for (gps tracking, labeling, etc). Maybe I am searching for wrong thing.
I would also love to be able to track my depreciation and amortization by booking adjusting entries from CapEx into the P&L. Also, If we could split out land from the actual home that would really help with properly expensing depreciation. Thanks!!
+1 for tracking depreciation on properties.
Am I missing how to record the monthly depreciation expense for a rental unit?
@jptippins You’re not missing anything. Depreciation is not currently supported on Stessa, but the request is being tracked here if you’d like to join the conversation:
Hey @devin what about one simple new category for depreciation and amortization expense? That’s P&L. Currently no good place to stick that without it screwing up NOI. I drop it in the (General) Taxes category for lack of anywhere else, but then my metrics get thrown off. Depreciation and amortization are two massively advantageous tax benefits to owning rental properties and it would seem fitting to have a place to offset the related Capex to see the “below-the-line” tax impact on the P&L. Thanks!
Would it be possible to have an active depreciation schedule that flows accrued depreciation into the income statement?
I also need a way to calculate depreciation. Specifically, for the “building value” from my property tax statement to be used to depreciate and calculate this as a Capital Expense over 27.5 years.
I’m fine doing it manually, just need a way how.
Any update here? @devin
For tax purposes, being able to enter in deprecation and land value would be great!
Would love to see STESSA add depreciation expense as an added tool for tracking assets.
Adding another +1 for tracking land/dwelling values and depreciation!
Any updates for this?
Yes agreed. I love the auto-generated reports but can’t fully leverage them as I have to do depreciation schedule and expense outside of this software to get a full Net Income view for tax purposes. Depreciation expense is a big beneficial expense for rental property so hopefully this can be added soon. If not the auto-generated schedule but at least the ability to input a “Depreciation Expense” monthly as a transaction manually to reflect it in the statements. Thx!
I’m okay with putting depreciation expense manually too; but there is no appropriate category/field to put it in; however, Schedule E has an entry for it…