Ok so now with 40 plus REO's under the belt, I know there's got to be a better way of tracking expenses. As an accounting package, Quickbooks would logically seem as the choice for recording an expense for a property then recording the reimbursement--even if it is 90 days later or more!!

I hate to reinvent or build something someone that has likely already worked on--so how do you use Quickbooks specifically if you use it on your REO expenses? For example---Is each property a vendor or just each asset company? Help anyone, everyone!!

bumping

I have not had as much REO experience as you but if I were doing quickbooks I would keep a seperate expense file on each property. It would seem to me that filing expenses on each property will be be easier to reaccess and keep track of.

i use quickbooks. they now have a quickbooks called "REO quickbooks" or something similar to that, that is specifically for REO's.. looks good, but i still use the regular quickbooks and i manage 90-110 REO's currently.

Do you have any details on the REO quickbooks program? I can't find anything on the net.

Thanks

I use Top Producer for EVERYTHING. It is really the only way that I have found to keep everything all in one place and tied together. You can create a task list for a listing (which is great with REOs because you have a task list that makes sure you meet all your deadlines for getting your BPOs to AMs, etc. and a recurring task to remind you to do monthly reports and check property condition, etc.). You can apply the checklist to your new listings and it will automatically populate your preset template.

Then, you can tie into a contact so you have your appropriate AM info with the listing.

Then (to really answer your question) you can insert all costs associated with the listing. And you are able to run a report any time you need to...

And it's cheap (about $30/month) and web-based so you can access anywhere and get multiple users accessing the same database (in case you have an assistant or a listing manager).

whew! you know Top Producer. I'm still struggling with it.

Set your properties up as customers. If the property belongs to a specific bank, then set it up under that bank so you can keep all the properties together for each client.

Then, when you enter expenses, go to splits and enter the account you want the amount expensed to, then tab over to customer and enter the address of the property.

I've got over 1,000 properties in my Quickbooks. I've got roughly 20 individual clients, including 2 asset management companies. In my case, though, I also have a dozen subcontractors working for me in different states. Each subcontractor is set up as a separate "customer" under the client, then each property designated to the subcontractor as another "customer" under that. Then each work order assigned to that property, once again as a customer. Inactivate them when they get paid so your list is manageable.

Make sense? If not, PM me and I'll walk you through it. It's not as difficult or time-consuming as it sounds. It takes only seconds to set each property, then work order up under the subcontractor.

Linda