Help Please

[danh123]

Hello. I was wondering if someone here could give me some advice on setting up a basic accounting system to keep track of my personal finances and also owning two rental properties.

Should I track these separately from eachother? I definitely need the rental income and expenses kept track of for tax time. When I purchased the properties, I used money from my personal checking for down payment, closing costs etc. Now I have a business checking account where rent is deposited and some expenses taken out of. I also pay some expenses on my personal card for the rewards and would like to account for these on the business side rather than personal.

It seems like there must be a simple solution here but I have been strugling to find it and get set up. I have been trying gnucash, moneydance, waveaccounting, mint and many others but can't find something to my liking. I really need advice on how to order things before I start.

Also, is there a way that the down payment, closing costs, etc do not show up as an expense from personal checking? Do I do it as a transfer?

Any help or advice would be appreciated as well as any links, software reccomendations, etc.

Dan

 

[og954]

Also, is there a way that the down payment, closing costs, etc do not show up as an expense from personal checking? Do I do it as a transfer?

The down payment, closing costs etc should be considered a capital contribution to the business by the owner and put into and equity account.

 

[danh123]

The down payment, closing costs etc should be considered a capital contribution to the business by the owner and put into and equity account.

Thank you very much.