Real Estate Office Accounting
Subject: RE setup
I am setting up an accounting system for my daughter and it seems like a lot of people would like to use QBooks for a RE brokerage. Is QBooks a good piece of software to use for a RE brokerage firm and all the types of transactions associated with it? Escrow, pending sales, non pending listings, multiple commission schedules, in house marked up services, closings, paying agents.
I doubt that you will find one computer program that will handle everything needed to properly run a real estate office.
QuickBooks can do all of the basic accounting that you will need to prepare the business's financial statements and tax returns, as well as 1099s and payroll.
It isn't suitable for keeping track of the status of escrows and actual real estate transactions. I know that there are various specialized software packages that are set up for his kind of thing; but I don't have any names to pass along at this time. You should check with other Realtors, as well as the NAR and local Realtor associations for recommendations.