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  1. #11
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,012

    Default

    Quote Originally Posted by Rosco View Post
    I still find Banklink better for property investors. It's just such a simple system, that just about can't go wrong. The only downside as mentioned in the original post is that it isn't online, and you do have to manually get the file (data) from your accountant or download from Banklink website (if you aren't using Banklink through an accountant). But, for most smaller property investors, you don't need daily data, and doing this once a month isn't a hassle really.
    Are you still of the same view, Ross?

    Also, is it not possible for the client to get the data direct from banklink and send it on to an accountant, once annotated?
    Last edited by Perry; 11-06-2018 at 04:49 PM.
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  2. #12
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,634

    Default

    4 year later - banklink is still fine. If you are using banklink, no harm in staying on it for property investment.

    But if you are just starting out, or looking to change. Then I would go with Xero. Two main reasons
    1) Xero is being constantly improved and linked in with other applications. Whereas banklink has been purchased by MYOB and just doesn't seem to be updated or improved.
    2) Xero can store the invoice or information against the transaction.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  3. #13

    Default

    Hi Ross

    Completely agree with your comments - Xero keeps adding features every month and if purchased through an accountant can be as little as $12 per month for the non-gst version. Banklink is fine, but that is all it will be...

    Another option (that is free for non-gst businesses such as Rental Properties) I would suggest is Cashbook Complete put out by Acclaim. Great for smaller businesses / properties. However, it doesn't have automatic bank feeds, so you do need to import the bank statements into the program manually.

    Food for thought!

    Murray Thompson
    Rental Coach
    rentalcoach.co.nz

  4. #14
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,012

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    Quote Originally Posted by murraythompson View Post
    I would suggest is Cashbook Complete put out by Acclaim. Great for smaller businesses / properties.
    Any direct, personal experience of that package, Murray?

    They are offering a 90 day trial on their web site.
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  5. #15

    Default

    Hi Perry

    Yes, I have had lots of experience with it. I know of a couple of accounting firms that suggest it for their clients. Don't expect the flashiness of Xero, but it does the job very well for running a cashbook through the year, GST returns etc. You just need to import the bank statements in a .QIF file format from your internet banking and make sure you don't miss any dates (ie - check the bank balance ties up). You can then generate the reports you need for the accountant at year end.

    It is a low-cost option as the costs are a one-off only. For non-GST, it is free... The 3 month trial period is always there (they are not going to remove it anytime soon). I don't get any commission from them or anything - just a good low-cost alternative.

    Murray Thompson
    Rental Coach
    rentalcoach.co.nz

  6. #16
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,012

    Default

    Sounds good, then.
    I do need the GST aspect, but does it allow more than one entity?
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  7. #17

    Default

    It does allow more than 1 bank account, so you could then filter on the reports for the particular bank account (entity) you want to report on. This would only work if each entity had 1 bank account.

    Otherwise, you would just need to pay the one-off fee for each entity. This is what we normally see happen with the clients that have multiple entities. $170

    If you need to send / email invoices and the full features, the cost is the higher $340.

    Correction to my previous post - they are now charging a one-off fee of $85 for the non-GST version - Just looked at their updated pricing page (and offering a monthly pricing option as well).

    Murray Thompson
    Rental Coach
    rentalcoach.co.nz

  8. #18
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,012

    Default

    Useful insights - thanks. I have two business entities, but also need a 'private' one.

    I.e. Some credit card purchases made on a personal card are actually business expenses.

    Each business entity has a transaction account, as well as an on-line saver which is usually only subject to back-and-forth transfers relating to the transaction account.

    Does that complicate matters overly?
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  9. #19

    Default

    Hi Perry

    You shouldn't need to set up a "Private" entity at all.

    You could do a couple of things:

    - Setup 3 bank accounts - Main for transaction account, Savings Account, then add in a Credit Card account. Then, you could import all your credit card transactions, put the business transactions to their various accounts and the rest to drawings.

    - Setup 3 bank accounts - Main, Savings, and Credit Card. However, in this setup, you only enter the business related transactions on a regular basis (say every GST return). The total spent is then in the amount paid column. This is then balanced with an amount received to the "Funds Introduced" account to balance the account to Nil, but it records that you have paid for those expenses yourself. This setup is an easy way to record the occasional expenses that you pay.

    So Cashbook Complete could easily handle this setup.

    You can always give it a go yourself in the 3 month trial. If you do find it too complicated, then I would still highly recommend Xero which has automated bank feeds (and has 1 month free). If you don't need to do invoicing of clients, then Xero can be purchased through an accountant for $22+GST a month (It is called GST cashbook). A lot of clients use this option. Otherwise, the full version of Xero costs $55 a month.

    Hope that helps with your options.

    Murray Thompson
    Rental Coach
    rentalcoach.co.nz

  10. #20
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,634

    Default

    Cash book complete?

    This is even older than banklink!

    Not many people or accountants use it any more. So a lot harder to get help!

    Also if it doesn't do automatic bank feeds as you have put above, then it takes longer. The whole idea with xero or even banklink is to save time. They automatically have the bank transactions, they memorise the majority of the transactions long term and save the user a lot of time and effort.

    I would also look at things like;

    - can it easily provide a separate profit and loss for each rental?
    - can it save invoices in the system?
    - can it easily be transferred into accountants systems? As I have put above, Xero is very common, so at a push of a button most accountant's systems can import all the transactions. Cashbook complete is not common, so probably would require reentry.

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.


 

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