So tax-related expenses that are not necessarily for a specific property can be logged and tracked:
-Charitable contributions
-Etc.
30 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!
11 Likes
Also, the underlying technology is Yodlee.com and yodlee allows user defined transactions.
Paul Lavallee
pblavallee@gmail.com
508-942-2530
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 |
- | - |
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
Agree this would be super helpful, and it would also be helpful to be able to add “Savings” categories to save for Capital Expenses and track reserves amounts.
2 Likes
Agree this would very helpful. Short term rental categories are limited.
2 Likes
Yes please!!
We would like to see the ability to add some custom expense categories.
Specifically-
Auto
Auto insurance
Auto registration
Auto repair/maintenance
Auto lease/car payments
Gas
Parking
2 Likes
@brammerinvestments what do you currently use for overall company expenses and LLC related fees? Or for management company tax info?
1 Like
I agree with this, Home Warranty absolutely needs to be a category
1 Like
I agree. I want to be able to create/label a Reserve for Repairs (which eventually hopefully will have enough cash that I don’t have to use a credit card). And a general reserve.
1 Like
Yes, please add more category choices, it would be ideal to have custom options. I like the idea of have defaults for non advanced users; however, it would be so much easier for taxes to have other parts of the business allocated properly. such as vehicle expenses, and supplies.
1 Like