New to Stessa this week. I have setup all my properties in Stessa. I have back-recorded all transactions starting 1/1/2022.
I now have many transactions which are not specific to a Property. How do I reflect these?
My initial thought was to set up my address with $1 purchase and $1 valuation and record all LLC transactions(expenses) here.
Any help is greatly appreciated!
-George
George,
I accomplish this buy matching each portfolio to each LLC. If you have one LLC, you’ll have one portfolio. If you have several LLCs, you’ll have several portfolios. Etc.
This way you can categorize individual expenses to a property OR an LLC. to do this, use the first tier of the “property” drop down which will lists your portfolios. Properties will be listed as a second tier.
I hope this helps.
I have one portfolio (1 llc) and 4 sub properties. I assign general tools, cleaning supplies, storage unit, etc to the Portfolio and at the end of the year plan on splitting the portfolio expenses into 4 equal expenses and assigning equally to the 4 sub properties. The other option would be in my case for every “general” expense I could do a 4-way split at the time I enter the expense, but I found this to be rather time consuming. Everyone please comment if you have better options than what I have found helpful…I’m always on board for efficiency:)
That is how I do it. I wish there was a way to split the portfolio level expenses between multiple properties without losing the original expense amount. I find that once you split the expense, it’s very difficult or time consuming to double check my work against the original charge to my credit card.