Anyone use Xero for property accounts?

[CaveMan]

Thinking of using this to manage the accounts for my properties and do my self assessment tax return.

Anyone else use this?

Can anyone recommend a chart of accounts to use or any tips on using Xero or indeed other software?

[jpkeates]

I use an excel spreadsheet and send it to my accountant.
I'm OK with excel having used it for a long time, so it does the job (and accountants speak excel!)

[F1MLB]

Go with Xero, it's amazing and cloud accounting is the way forward. Even with Xero, it's still worth having an accountant to get you setup properly and hopefully save you at least their fees in tax relief.

[CaveMan]

Thanks. Could you post the structure of your chart of accounts (obviously no values).

I'm struggling to get the right structure set up.

[F1MLB]

Your chart of accounts is too important to guess at. Xero have professional advisers or speak to a local accountant. Your accounts will be quite easy, rental incomes, repairs, insurance, etc. The trickier things is categorising the accounts properly so they appear in the correct section of your balance sheet/profit and loss.

[Gordon999]

How many rental properties would be need to justify using this software ?

Most rental landlords are using a separate cheque account to collect the rents and pay the expenses so the records are captured on the bank account statement.