REMA is not designed to do your book keeping

[Dan_Eisenhauer]

Last evening at the Vancouver meeting, I got the impression the program can be used for general booking keeping of numerous properties. Yet, when I try to open a property to do that book keeping, I cannot enter an income or expense item for a given property. (I have been trying to use the G&A windows.)

Is this an analyzing program only? Or can it be used for ongoing book keeping?

What am I missing, if anything?

Thx,
Dan Eisenhauer

 

[GarthChapman]

QUOTE (mikim @ Sep 21 2007, 06:27 PM)
Last evening at the Vancouver meeting, I got the impression the program can be used for general booking keeping of numerous properties. Yet, when I try to open a property to do that book keeping, I cannot enter an income or expense item for a given property. (I have been trying to use the G&A windows.)



Is this an analyzing program only? Or can it be used for ongoing book keeping?



What am I missing, if anything?



Thx,

Dan Eisenhauer




Hi Dan,

REMA is not designed for book-keeping purposes, but is designed to predict your monthly cashflow and cash position. You should enter your Properties in My Portfolio and then enter your income and expenses there, as I did in the demonstration.



G&A stands for General & Administrative (aka Overhead). This is where you can enter any non-Property related income and also your Overhead expenses. These will then be included below your Portfolio Cashflow in the Cashflow Summary Report, located in Portfolio Reports.



We recommend you use the Analyzer to get the property into your Portfolio, as in that way you will find it easy as Analyzer will transfer all the Income and Expense items along with all the other data, and you will become more familiar with the Analyzer module.



Hope that helps,

Garth

 

[GarthChapman]

This disclaimer is located in the Help File/User Guide

Accounting/Book-keeping Disclaimer

a) REMA is not designed as a Book-keeping program to record your actual income and expenses for Accounting and/or Income Tax purposes.

b) If you choose to record your actual income and expenses for Accounting purposes and you then use those records for Accounting and/or Income Tax purposes Remasoft Canada Inc. shall not be liable for indirect, incidental, special, cover, reliance, or consequential damages resulting from such use.

 

[NickStewart]

QUOTE (Chaps @ Sep 22 2007, 05:15 PM)
Hi Dan,

REMA is not designed for book-keeping purposes, but is designed to predict your monthly cashflow and cash position. You should enter your Properties in My Portfolio and then enter your income and expenses there, as I did in the demonstration.



G&A stands for General & Administrative (aka Overhead). This is where you can enter any non-Property related income and also your Overhead expenses. These will then be included below your Portfolio Cashflow in the Cashflow Summary Report, located in Portfolio Reports.



We recommend you use the Analyzer to get the property into your Portfolio, as in that way you will find it easy as Analyzer will transfer all the Income and Expense items along with all the other data, and you will become more familiar with the Analyzer module.



Hope that helps,

Garth




I personally would be willing to pay more per month if it did do the bookkeeping as well

I have a couple of other ideas for suggestions that I'll post later as well, but this seems to be a big way to make this the one stop shop for us all!



Nick

 

[GarthChapman]

It`s not out of the question Nick, but it would be well down the road. Accounting software is a very very big undertaking. And it would not really save you any time or duplication of entries. Think of your projected Income & Expenses in REMA as your `Budget` in your Accounting software, as that is how it would be used.
Garth

 

[Devlinn]

QUOTE (Chaps @ Sep 29 2007, 01:01 PM)
It's not out of the question Nick, but it would be well down the road. Accounting software is a very very big undertaking. And it would not really save you any time or duplication of entries. Think of your projected Income & Expenses in REMA as your 'Budget' in your Accounting software, as that is how it would be used.

Garth




Garth;



Have you looked at links or hooks which could pump the data into Quickbooks instead?

That could prevent double data entry, which is what everyone is trying to avoid.



Devlin

 

[GarthChapman]

Hi Devlin,
I did some checking on this and am told that the entries that might qualify to transfer from REMA into Quickbooks would only be those that repeat (generally monthly) and are always the same each month, such as mortgage payments, rent invoices, insurance payments. In Quickbooks you `memorize` these items and Quickbooks will automatically repeat them every month - much like REMA does. I don`t think there would be more than about 4 entries per property that would qualify under this criteria. My wife does this in our portfolio. So my understanding of this is that you would have these 4 or so entries to make one time in each program for each property.

Mnay of the entries in REMA are your predicted Income and Expense items, like your budget, and most of the actual income & expenses each month will vary somewhat from the budgeted figures.

Let me know your thoughts on this, and if you or anyone else has some knowledge about the links or hooks to Quickbooks please pass them along. If anyone out there is willing to create a detailed map of what data and of how to import that data into Quickbooks we will have a hard look at what we can do. Having said that, it will likely be mid 2008 before we could get to it.

 

[RedDeerWilliam]

I am going to open a new post on an idea my accountant gave me about the best way to use REMA with not only Quickbooks but any major bookkeeping/accounting software. I'll call the post "A Better way to integrate REMA with your bookkeeping/accounting software".






QUOTE (Chaps @ Oct 29 2007, 06:59 PM)
Hi Devlin,

I did some checking on this and am told that the entries that might qualify to transfer from REMA into Quickbooks would only be those that repeat (generally monthly) and are always the same each month, such as mortgage payments, rent invoices, insurance payments. In Quickbooks you 'memorize' these items and Quickbooks will automatically repeat them every month - much like REMA does. I don't think there would be more than about 4 entries per property that would qualify under this criteria. My wife does this in our portfolio. So my understanding of this is that you would have these 4 or so entries to make one time in each program for each property.



Mnay of the entries in REMA are your predicted Income and Expense items, like your budget, and most of the actual income & expenses each month will vary somewhat from the budgeted figures.



Let me know your thoughts on this, and if you or anyone else has some knowledge about the links or hooks to Quickbooks please pass them along. If anyone out there is willing to create a detailed map of what data and of how to import that data into Quickbooks we will have a hard look at what we can do. Having said that, it will likely be mid 2008 before we could get to it.