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REO Accounting Packages

Does anyone have a recommendation for REO Accounting packages for a Real Estate Agency of mine they might pass along?

Basically what they are looking for is a way to track invoices, accounts recieveable & payable, and other activities specific to each property.

Thanks!

Posted by Matthew Kelly on 03/05/2009 07:44 AM

Comments (11)

reo accounting packages, foreclosures

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11 Comments on REO Accounting Packages

MAR

Have you tried Quickbooks Pro?

I've been told Quickbooks Pro is the way to go as well.

I've been meaning to purchase myself.

MAR

I have been looking for the same type of software and someone else mentioned Quickbooks guess that is what we need to check out :)

MAR

I actually use quickbooks pro online for all of my accounting. It's easy to use, simple to set up a chart of accounts, and plugs into my BOA account.

MAR

Quickbooks is any easy way to track your REO accounting needs (for invoices you've paid out and for money waiting reimbursement). I've seen REO agents use Excel too...but I would recommend Quickbooks. However, the most important aspect is that you use some program. Tracking invoices and reimbursements can quickly get out of hand on REOs. You have to stay current on the deadlines or the REO company may not reimburse you.

MAR

QuickBooks is a good way to go they also offer Quickbooks for Real Estate. I am a QuickBooks Pro Advisor as well as an Authorized Dealer/ Affiliate for Intuit (Parent company for Quickbooks). If you would like I can send you a link for a special promo they are doing right now. They are offering 40% off of QuickBooks Pro plus a free learn QuickBooks CD and free shipping, now through 4/30/09. Send me a quick email and I will get it over to you. Skyeh@atyourservice-va.com

APR

QuickBooks Pro is on sale for 99.00 this weeek at http://www.officemax.com/catalog/search.jsp?freeText=quickbooks+pro

MAY

I have been using QuickBooks Pro for REO Reimbursements, A/R, and A/P tracking for 9+ years. It is the best way to go. It is very easy to setup, track property expenses, track outstanding receivables and you can print out reports on demand. I also use it when I need to email the A/P department at the banks with the details of the properties.

If you have any questions, email me.

Carolyn

JUN

QuickBooks Pro has the features needed to track REO Reimbursements. Until you get up to 15 or 20 properties, you will not notice if you have set up QuickBooks improperly -- there is just not enough data or work load for it to become confusing. However as you increase in size, you do need to have QB properly set up. At 50+ properties you will have receiveables of $30K to $70K from the Asset companies. You will have more problems with delayed and lost invoices, or denied claims (submissions). We have set up 100s of REO Brokers and are members of the QB Pro Advisors program.

QB Online does not allow the tracking and reporting features of QB Pro. There are some free or inexpensive log in or remote programs that allow remote access.

You will want the Item List and Chart of Accounts set up properly in coordination to allow you to print receivables by Property, aging, a Profit and Loss by Property for closing to insure you have submitted all invoices, and allow you to apply payments to specific bills. It is also important to set up QB so that one set of data entry prints your checks, creates your payables list and your A/P list to reduce data entry. You can also track your checks that you are holding for reimbursement, eg the home repair checks. Brokers that have 100 to 400 or more properties can not have any room for error in the set up due to the large volume of money and multiple staff members involved. At that point, the Broker needs clean data and proper reports to trust and manage the staff, so she/he can be managing the business and selling.

You can look for more information or help for the above at www.reobrokerturnkey.com, the REO Broker Turnkey for REO Brokers, or contact me directly for more information.

JUL

Need a service or individual that does REO accounting for N los Angeles (sfValley area) thank you darinerickson@hotmail.com

AUG

I'm a Quickbooks Pro Advisor with 15 years experience.

One of my specialties is setting up Quickbooks to manage bank-owned properties / REO's for brokers.

Let me know if I can be of assistance.

Linda L.
Assist Business Solutions

www.assistbiz.com

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