Simply Accounting

[LizHaywardRealEstate]

Does anyone use Simply Accounting for recordkeeping? My understanding is that accountants prefer it because of the tracking system. Information cannot be accidentally deleted. I started using it because my accountant uses this system, but I`m not sure I like it.

 

[Moreira]

QUOTE (LizHaywardRealEstate @ Jan 3 2008, 11:17 PM) Does anyone use Simply Accounting for recordkeeping? My understanding is that accountants prefer it because of the tracking system. Information cannot be accidentally deleted. I started using it because my accountant uses this system, but I`m not sure I like it.

I use it for our conventional businesses and have for many years. I love it but find I was able to understand accounting principles very quickly whereas when I teach it to others they often struggle. We`ve just started investing in real estate so haven`t used it much in this regard. I have posted a couple of transactions for two commercial properties we recenlty purchased and found it worked well.

Let me know if I can help you with anything else/other questions.

Angie

 

[HeatherShadlock]

QUOTE (LizHaywardRealEstate @ Jan 3 2008, 11:17 PM) Does anyone use Simply Accounting for recordkeeping? My understanding is that accountants prefer it because of the tracking system. Information cannot be accidentally deleted. I started using it because my accountant uses this system, but I`m not sure I like it.

I use simply accounting for all my businesses and for my rental properties. I like it because I am familiar with it and I don`t have time to learn a new system. Although, I have recently helped someone set up a company in quickbooks and I really did not find much difference. But the things that I did find in quickbooks, I liked! I found that you could go back and adjust entries, with is what i believe you were talking about above, being able to delete them. And personally I liked that. In simply accounting you have to back out the entry and then re enter it the way that you want. So when you print out your GL, you will have a credit, a debit and then another credit, for example, leaving you with 3 entries. Heaven forbid, you make a mistake while backing it out, you could end up with 5 or 6 entries, when all you wanted was 1. I would like to delete the original entry and have it sit on my GL once the proper way. My new accountant, as well as my old accountant, prefer Quickbooks. they use simply as well, but both have said they prefer quickbooks. From talking to other REIN members, many use the quickbooks system. But with the simply accounting program that I use I am able to set up several different companies or just work with one company. You can take the accounts that are set up for you or create your own, it all depends on how you wish to track things. Not too sure on the details of other programs, but I personally don`t feel that simply accounting has anything special about it. I use it because I have for 10 years!

In order to help you a bit better, maybe you could clarify what it is that you are not sure about with the system. I could prettty much walk you through anything. Let me know if I can help.

 

[Moreira]

QUOTE (HeatherShadlock @ Jan 4 2008, 10:59 PM) I use simply accounting for all my businesses and for my rental properties. I like it because I am familiar with it and I don`t have time to learn a new system. Although, I have recently helped someone set up a company in quickbooks and I really did not find much difference. But the things that I did find in quickbooks, I liked! I found that you could go back and adjust entries, with is what i believe you were talking about above, being able to delete them. And personally I liked that. In simply accounting you have to back out the entry and then re enter it the way that you want. So when you print out your GL, you will have a credit, a debit and then another credit, for example, leaving you with 3 entries. Heaven forbid, you make a mistake while backing it out, you could end up with 5 or 6 entries, when all you wanted was 1. I would like to delete the original entry and have it sit on my GL once the proper way. My new accountant, as well as my old accountant, prefer Quickbooks. they use simply as well, but both have said they prefer quickbooks. From talking to other REIN members, many use the quickbooks system. But with the simply accounting program that I use I am able to set up several different companies or just work with one company. You can take the accounts that are set up for you or create your own, it all depends on how you wish to track things. Not too sure on the details of other programs, but I personally don`t feel that simply accounting has anything special about it. I use it because I have for 10 years!

In order to help you a bit better, maybe you could clarify what it is that you are not sure about with the system. I could prettty much walk you through anything. Let me know if I can help.

Heather,

In Simply Accounting I don`t like the number of entries you get when you have to reverse things either. However, in the version we have (2007 Premium) you can now print your GL without showing the adjusting entries so all you see is the one correct entry. Isn`t that nice! I also notice that in the 2008 version it talks about one step or an easier way to make adjusting entries. I`m ordering the new version so we`ll see how that works.

Angie

 

[LizHaywardRealEstate]

QUOTE (Moreira @ Jan 5 2008, 05:13 AM) Heather,

In Simply Accounting I don`t like the number of entries you get when you have to reverse things either. However, in the version we have (2007 Premium) you can now print your GL without showing the adjusting entries so all you see is the one correct entry. Isn`t that nice! I also notice that in the 2008 version it talks about one step or an easier way to make adjusting entries. I`m ordering the new version so we`ll see how that works.

Angie

Thank you all for your replies. The problems I have are as you mentioned. I guess I need to get used to it. I`ll keep at it. I`ve just purchase the 2008. I`ll see how it goes. I`m starting an accounting course at Nait this term. Perhaps it will help!

Thanks again, Liz

 

[navaz]

I have used simply accounting - i find it a bit more finicky- the audit trail is more of a marketing issue -QB also has it.

Best to use a program that you are familiar with.

The problem I have with most people doing their own books is their knowledge of accounting. It is like driving a car -if you know how to drive a car, it really makes no difference which car, but if you do not know how to drive a car - you will have problems no matter which car

 

[GarthChapman]

We found Simply Accounting to be more difficult for a lay person to learn to use and less intuitive than Quickbooks. We have used both but are settled on Quickbooks for the last 4 years or so.

 

[George]

QUOTE (GarthChapman @ Jan 6 2008, 02:45 PM) We found Simply Accounting to be more difficult for a lay person to learn to use and less intuitive than Quickbooks. We have used both but are settled on Quickbooks for the last 4 years or so.

Good evening,

We find that our clients who use QuickBooks tend to have an easier time as compared to Simply. That being said, its not that using any accounting software is instantly "easy" to use, and over the years Simply has become much more user friendly.

Warm regards...

George

 

[pamelawhite]

QUOTE (LizHaywardRealEstate @ Jan 3 2008, 10:17 PM) Does anyone use Simply Accounting for recordkeeping? My understanding is that accountants prefer it because of the tracking system. Information cannot be accidentally deleted. I started using it because my accountant uses this system, but I`m not sure I like it.

I use both Simply and Quickbooks but the more I use QB the more I like it. One huge difference is that QB can report on any time frames you choose whereas Simply is confined to fiscal years. For example, my husband started a business in May but his fiscal year was the calendar year. We are able to bring up 12 month reports for May to May where in Simply it would span two fiscal years and you couldn`t do it.

Any good accountant should be able to work with either one.

 

[mcgowan]

HI - I have jsut finished setting up our first 3 properties in Simply Accounting. Do you have any tips that would help me? I have set up 3 different departmets do I can track each property, and everythign looks fine at hte moment. Just wondered if you haev come accross any pitfalls

thanks