Using Buildium for Bookkeeping?

[profi...@aol.com]

Hi,

My boss sent me here. I have a background in accounting. Beginning this year my company has started working with Buildium and they now want me to stop working with my accounting software, so that we only use Buildium.

 

Apparently Buildium claims that they have a full accounting solution and everything “you dream of”, but then I cannot really get support and to me it looks they cannot handle the smallest bookkeeping tasks like a check for a credit from a vendor.

Besides all the official talk, I would like to know: Do you really use Buildium for your accounting? Do you use something else? Is there any integration to software like QuickBooks or xero.com?

THANK YOU SO MUCH FOR YOUR FEEDBACK!

Laura

[profi...@aol.com]

Thank you Glenn.

I am puzzled how people CAN even do the accounting with Buildium. I am having trouble to even get basic things recorded in there.

So you have worked with it?

Laura

-----Original Message-----
From: Glenn Lehman <gl...@rentcentralpa.com>
To: profilaura <profi...@aol.com>
Sent: Mon, Apr 25, 2016 1:57 pm
Subject: Re: [Buildium User Forum] Using Buildium for Bookkeeping?

That would depend on the size of you company.  It would also depend if you do just your own properties or do third party management.

• If you only manage your own accounts I believe it WOULD be safe.
  
• If you are a small management company of less then say 50 properties I would think It COULD be safe.
  
• If you are a larger management company I would suggest keeping them separate, not because I do not think BUILDIUM could not support the operation, but rather the complication you could get into during an IRS audit.
  

For the record in 2008 - 2010 we did our company books in Buildium 

In 2011 we changed on the advise of our CPA and Attorney

Glenn D. Lehman, RMP^®

President

Lehman Property Management

2740 Penbrook Avenue

Harrisburg, PA 17103

www.RentCentralPa.com

Follow us on Twitter @RentCentralPa

Find us on Google: Google.rentcentralpa.com

P: 717-652-4434

F: 717-229-1569

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[profi...@aol.com]

Okay, now I have this problem again:

A (one time) vendor gets paid, later on he sends a credit note with a check.

How do I record this check in Buildium, so it correctly shows up on his account?

I am only being told this is impossible. What? It is impossible to correctly record a credit?

[Andy Petzold]

Hi Laura,

Welcome to the forum!

This is definitely possible. We use Buildium for everything accounting (nearly 300 units managed, mostly for other owners). There are some things that are different from Quickbooks but our state requires a three-way account reconciliation and I couldn't imagine NOT doing everything in Buildium when we are periodically audited. Buildium makes this very easy. I'm a huge fan of Buildium and I do all of our accounting.

For the credit you are trying to do:
Go to Accounting -> Vendors.
Then select your vendor.
Select the Financials Tab.
Click on Record Credit.
Usually you would apply the credit to the same account that was used to pay that vendor but you have the option to change it as is recorded. Next time you pay bills you'll see that you have that credit to apply to future bills.

If that doesn't answer everything please let us know.

[Buildium User Forum Support]

Thanks Andy. I appreciate your help!

As I said it is a one time vendor, he sent a check for the credit. I found no way to property record that.

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[Andy Petzold]

You see it now though right?

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Andy Petzold

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EPIC Property Management LLC

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Cedar Rapids, IA 52403
an...@epiciowa.com
(319) 981-3242
epiciowa.com
Licensed in the GREAT State of Iowa

[profi...@aol.com]

I am sorry, there must be something I am doing wrong.

I can record the credit, but how do I get it paid.

The vendor sent a check. There will be no further invoice that we could use the credit against, ever.

---------------------------------------------------

Subject: Re: [Buildium User Forum] Using Buildium for Bookkeeping?

Sent: Tue, 26 Apr 2016 12:28:52 +0000
From: Andy Petzold
To: Buildium User Forum Support
Cc: Buildium User Forum
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[Andy Petzold]

When you pay future bills (to any vendor, for that property) you'll see the credit listed to be applied.

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[Andy Petzold]

Alternatively, you can add that check to your next bank deposit and apply it to the proper account for that property with a note for what it is.

[profi...@aol.com]

As it is a one time supplier, there will be no further invoice ever.

If I enter the credit and handle the deposit on the bank account, the credit will stay on the vendor forever. That is incorrect.

I have tried this for about 3 hours now and have not find a way to do it.

[Brad C.]

Buildium does not allow you to record a payment from a vendor.  The only entity types that can pay you money are those associated with rental or association units.  As best I can tell, this is an intentional restriction to ensure that you pay for the proper level of Buildium subscription.  (Buildium does not want you to use vendors instead of rental units.)

There are 2 workarounds:

1) You can record a general journal entry to account for the income, and simply notate in the memo field that it came from vendor X.

2) If you have any spare/unused units in your subscription, you can use one of them as a dummy vendor.  This dummy vendor 'unit' can then accept payments.

[profi...@aol.com]

Wow! Thank you for the clear answer Brad! Could not get this out of the Buildium support, no matter how often I called.

Why would they be allowed to advertise 

"Purpose-built property accounting software makes bookkeeping complete and accurate."

and

"Have the books every accountant dreams of"

when they have these restrictions?

As we have Buildium people here, can you confirm the restriction and explain why it exists?

I understand the workarounds (and I appreciate the input), but this will mess up the vendor accounts (revenues tec.)

To view this discussion on the web visit https://groups.google.com/d/msgid/Buildium/204e0b1c-370d-4f00-b1fd-02a045311b1c%40googlegroups.com.

[Brad C.]

I share your frustration!  Although Buildium promises powerful accounting, intentional restrictions like this are very aggravating.  The three most significant missing features we have discovered in Buildium so far are:

 - As discussed here, vendors cannot make payments, only "vendor credits"

 - Prepayments by association owners and lessees are not automatically categorized as liabilities - requiring manual adjusting at the end of each month

 - No ability to schedule recurring general journal entries (for monthly accruals e.g. prepaid insurance)

I dare say, no accountant has ever dreamed of an accounting solution that lacks such fundamental features.  Buildium's major competitors like PropertyWare and AppFolio offer more full-featured solutions, but are much more expensive.  Every time we run into a little hiccup or restriction like this in Buildium, I just remember we're paying about half of what a 'grown-up' property management solution costs.

[Stephan Koenig]

What I really miss is some kind of warning that prevents to change things that are already reconciled.

Stephan

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Subject: Re: [Buildium User Forum] Using Buildium for Bookkeeping?

Sent: Wed, 27 Apr 2016 11:39:14 -0700 (PDT)
From: Brad C.
To: Buildium User Forum
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[Stephan Koenig]

Hi,

Is anybody using the listing syndication? Does it work at all?

I am trying to use it, but it does not work.

Buildium tells me that the rental unit is also is listed "for sale" on Zillow and that is why it does not work.

It is NOT for listed for sale on Zillow.

I tried Rentlinx and they were able to list the property on Zillow within seconds.

They were even able to list a unit for rent was IS for sale on Zillow (just a test).

Any feedback?

Thanks,

Stephan

[Stephan Koenig]

(somehow this did not show up, let me try again)

[Glenn Lehman]

We do not use buildium to advertise our listings.

Glenn D. Lehman, RMP^®

President

Lehman Property Management

2740 Penbrook Avenue

Harrisburg, PA 17103

www.RentCentralPa.com

Follow us on Twitter @RentCentralPa

Find us on Google: Google.rentcentralpa.com

P: 717-652-4434

F: 717-229-1569

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[Stephan Koenig]

I ran into a similar problem today.

Our maintenance people pay at Lowes by check card. We record this as a check (with no number).

This way the bank account is correct and the vendor account.

Now the return something and get a credit on the check card that shows up as a deposit on the bank account.


How can I PROPERLY record this?

As we have a revenue agreement with Lowes it is important that this shows up on the vendor account!

I read about the workaround, but I don't get it.

[Matt Simonds]

The thought is that the funds are being returned to the property books that were tied to the initial expense/check. To record this you would navigate to the bank account, select 'Record deposit' and then use the 'Add other deposit items' option.

If you have any questions regarding how to record this deposit then I would recommend reaching out to Buildium Support team via ticket or by calling 888-414-1988 between 9am and 8pm EST, Monday through Friday.

Best,

Matt 

[profi...@aol.com]

Thank you Matt.

I don't think that is an answer to my problem.

Could you clarify how this could be property recorded on the vendor account?

-----Original Message-----
From: Matt Simonds <matt.s...@buildium.com>
To: Buildium User Forum <Buil...@googlegroups.com>
Sent: Thu, Apr 28, 2016 3:55 pm
Subject: Re: [Buildium User Forum] Using Buildium for Bookkeeping?

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[profi...@aol.com]

Matt,

My boss and I have played around with this. I showed him that there is no way to property record vendor credit payments by check or credit card refund.

How do you handle 1099s? By the vendor account?? They would be incorrect!

Laura

-----Original Message-----
From: Matt Simonds <matt.s...@buildium.com>
To: Buildium User Forum <Buil...@googlegroups.com>
Sent: Thu, Apr 28, 2016 3:55 pm
Subject: Re: [Buildium User Forum] Using Buildium for Bookkeeping?

[Matt Simonds]

Hi,

If you want to write the expense off of the vendor ledger then a zero dollar check can be issued within the bank account. This adjusts the expense as seen by the system and the 1099 module.

I'd recommend reaching out to Support to discuss the steps of recording a zero dollar check. They can be reached at 888-414-1988.

Have a great night!

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[Glenn Lehman]

Okay Matt,

I am going to ask the questions since I can't figure this out at this point either. (It is such great fun answering Tech questions in an open forum)

So I looked at the help article for zero dollar checks (201556896) and have, in the past, used this to move money from one property to another. 

I cannot see though how a zero dollar check would work to clear a vendor credit.

Let me see if I can set this up correctly

Given:

1. I have over paid a vendor who I will never use again.
   
2. The vendor returned X amount of money to me.
   
3. I will need to send a 1099 to the vendor at the end of the tax year to match what he was paid.
4. I need the property expenses to match the correct value for taxes.
5. I need to get the money back into the bank.

How I would proceed:

1. Record a credit to the vendor for this property.
2. Try and pay bills to clear credit (this does not work as check is for a negative amount and I cannot record the payment (see screen shot below - Picture 1)

Picture 1

If I try recording a zero dollar check it is not connected to the vendor credit.

Just recording the vendor credit does not change the vendor ledger as indicated by my attempt to print the vendor ledger.  (this vendor only has one item this year a credit of one$1.00)

Using add deposit or record other bank deposit WILL fix the bank balance, but does not correct the vendor account.

I cannot figure out a GL entry that would work so I am assuming there is not one of those either.

I am very interested in the response to this subject, my believe though based on my testing is it is not possible to post a vendor refund accurately.

Glenn D. Lehman, RMP^®

President

Lehman Property Management

2740 Penbrook Avenue

Harrisburg, PA 17103

www.RentCentralPa.com

Follow us on Twitter @RentCentralPa

Find us on Google: Google.rentcentralpa.com

P: 717-652-4434

F: 717-229-1569

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[Matt Simonds]

Hi Glenn,

The zero dollar check isn't going to hit any vendor credits. Credits are seen as money that the vendor is holding, instead of a check that the vendor cuts to your company.

The zero dollar check would have a negative line item that hits the same expense account that the initial payment was tied to. The other line item would be against equity. You would also want to record a manual deposit against the equity account since the $0 check is a wash.

This adjusts the expense tied to the vendor (the $0 check is tied to that vendor) so that 1099s calculate correctly. Likewise it adjusts the actual expenses tied to the property.

The support team might be able to offer a better explanation but that is the recommended workflow. 

I hope that helps!

Matt Simonds

Technical Support Manager

Buildium. Property Managed.

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[Glenn Lehman]

That would make the property 1099 correct. 

The concern in the question is how do you make the vendor 1099 correct.

Glenn D. Lehman, RMP^®

President

Lehman Property Management

2740 Penbrook Avenue

Harrisburg, PA 17103

www.RentCentralPa.com

Follow us on Twitter @RentCentralPa

Find us on Google: Google.rentcentralpa.com

P: 717-652-4434

F: 717-229-1569

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[Matt Simonds]

You're reducing the expenses paid to that vendor with the $0 check. This adjusts the GL balance against the expenses paid out to the vendor and the delta is what the 1099 page will pull.

Best,

Matt Simonds

Technical Support Manager

Buildium. Property Managed.

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[Stephan Koenig]

You're reducing the expenses paid to that vendor with the $0 check. This adjusts the GL balance against the expenses paid out to the vendor and the delta is what the 1099 page will pull.

I have been playing around with this for hours.

The $0 check shows up on the Vendor with a 0 amount, so this does not reflect the credit. I need to have the vendor revenue correct in the books.

Did anybody else understand how this is supposed to work? I have 14 check card credits on the bank account that I need to have correct on the vendor account!

Thanks,

Stephan

[Matt Simonds]

Hi Stephan,

Thanks for working with Tom to help us better understand your concerns regarding the vendor credits and 1099s.

Let's start with recording vendor credits in Buildium... A vendor credit is stored in Buildium to represent an overpayment that the vendor is holding. This means that no funds are being returned to your account which is why these credits do not impact your bank accounts. A return of funds from the vendor would not be logged as a credit in Buildium.  

When a vendor does cut you a check back we recommend that the funds be returned to the property via Other Deposit Item, as the money is going back onto the property ledger.

Where this all gets tricky is on the 1099 side. I did some research and the refund/return-payment from the vendor should ultimately be written off by the vendor outside of Buildium. This is similar to how, for rental owners, gross rent collected is recorded in their 1099 and then the owner writes off their expenses on their own, regardless of what is logged in Buildium. 

I'd recommend checking with your accountant to verify the best way to approach this for your business. However, it does not appear that the return needs to be logged in Buildium in order to correct 1099s. This behavior is consistent with the fact that Buildium is designed to track property and company books, not vendor or owner books.

The $0 check option resolves the vendor ledger when viewed by GL but ultimately does not change the final total recorded via 1099.

If you're still concerned, then you can certainly delete the initial payment to the vendor and re-record the check with the corrected final net total. 

I can understand the concern over this and apologize for all the confusion around this functionality. This is the kind of discussion that is best had with our Support team, as that helps us to better understand your worries and it's unique intricacies.

All the best,

Matt

[Stephan Koenig]

Matt,

Thanks for working on this.

So what do you do if you have a revenue agreement with a vendor and need a correct vendor ledger?

Stephan

[profi...@aol.com]

Matt,

A system that is not capable of recording a refund by a vendor and cannot produce a correct vendor account statement can hardly be called a bookkeeping system.

And it should not be advertised as

"Have the books every accountant dreams of"

and

"Purpose-built property accounting software makes bookkeeping complete and accurate."

I understand there might be glitches and shortcomings in any system. But the Buildium support trying to tell me what I as an accountant want to do us not necessary and not required is just arrogant. I had expected Buildium to jump on this and fix it ASAP.

I have looked into various other solutions and they do have proper accounting. I have advised my company accordingly. 

It is a pity, as I really liked many Buildium functions, but proper accounting is a must.

I will come back and report (and maybe compare) once decision has been made.

Laura

[Admin - Darcy J]

Hi Laura - 

As you can probably imagine, we have many customers with many different  (and sometimes conflicting) accounting practices. 

At Buildium, we work hard to make sure our accounting is responsive to standard practices and we're always interested in hearing about other areas where it can be improved.

I've personally delivered your feedback to our product director for consideration in future releases of the product. =)

I did also send you my mobile phone number in email, and would be very happy to chat this all through with you on the phone. As you can imagine, it's distressing when a customer is frustrated. 

In the meantime, we welcome conversation in this thread regarding thoughts or workarounds to this specific problem.

Cheers and thank you.

Darcy

[Brad C.]

We have this situation as well.  It really is frustrating that Buildium goes out of its way to prevent money coming in from a vendor.  As I mentioned above, I believe this is intended as a revenue-protection mechanism to ensure that we (Buildium users) do not use vendors in lieu of rental/association units.  Because Buildium charges by number of units, they want to make sure that all units are properly classified.  However, this ham-handed way of restricting vendor accounting functionality punishes the vast majority of those who are perfectly willing to pay for the proper number of units and just want a functional accounting system.

We contract with a documentation vendor who effectively pays us for the privilege of completing association documentation for resales.  After months of struggling how to record these payments in the vendor ledger, with a mishmash of vendor credits and $0 checks and wildly unintuitive shuffling of funds, we finally gave up and just devoted an association unit to the vendor.  Since property units are intended to have money flowing into them, the accounting is much more natural.  It's still a little awkward as we have to make sure we don't bill that particular unit for any normal association charges, exclude it from association communication, etc, but it's the best workaround we found.  (This works for us as we never pay this vendor, so there's no need for a 1099 at the end of the year.)

Buildium reps... please reconsider this awkward, restrictive feature limitation.  It is clearly causing dissatisfaction amongst your most involved customers, and undermines your promise of a powerful accounting platform.  At the very least, some more public acknowledgement and/or documentation of the issue is warranted.

[sax...@leeching.net]

We have the same problem! Totally frustrating!

None of the workarounds above work. 

I am shocked to read that Buildium intentionally made it this way. And as they have not commented on this, it must be true.

Any recommendations?

[Admin - Darcy J]

Hi there, Saxuta!

Just to clarify on our response cadence: our tech support experts are watching these forums periodically in order to help where we can with questions. I'm also watching these forums, usually once a day, in order to share your feedback and input with our product team. 

At Buildium, we're always looking for ways to make the product even better—though of course making product changes takes time and is something we try to be very thoughtful about. We will also use these forums to give you a heads up when we have improvements on the way.

If you need immediate responses to your questions or concerns, I urge you to give us a call at 1-888-414-1988, Monday-Friday, 9 am to 8 pm EST. 

[sax...@leeching.net]

I am not sure what you are trying to tell me.

Do you even understand what the problem is? If you can not properly record incoming money to a vendors, this is serious!

I did talk to support and they had no solution. 

Others said here, that Buildium intentionally blocked this function. I had no idea!!!

So now I am asking other users. 

I though this was a user forum?!?

[sax...@leeching.net]

Dear Buildium! 

As I did not get an answer, let me repeat my question:

Others said here, that Buildium intentionally blocked this function. Is this correct?

Thanks

Karl

[Admin - Darcy J]

Hi Karl!

As you know, we don't currently have this exact functionality in the solution. But as far as I know, we have never had it. So no, it was not blocked.

As I mentioned above, all the input in this thread has been given directly (by me personally) to our product folks. We're very aware and sorry that there is frustration over this.

Our tech support folks will continue to share and help develop workarounds with you all and will evaluate this functionality for future product releases.

Thanks, Karl.

Darcy

[Rian L]

On Monday, April 25, 2016 at 7:37:16 AM UTC-10, profi...@aol.com wrote:
> Hi,
> there is no integration w/ a 3rd-party system like QB. You can "make" buildium do the accounting. However to be compliant with standard accounting principles you'd need to manually modify your financial reports. A great example of a known workaround is the credit card feed from your bank into Buildium. Buildium says to use a "bank" account if you want the upload of transactions from your bank. That means a general ledger account that is liability will show up on your balance sheet as a current asset. (Not to mention it throws you when thinking of credit card debit and credits as a bank account.)

Have utilized other SAAS accounting systems that are way stronger than the Buildium system, which in time hopefully will become compliant with standard accounting rules. Buildium is first and foremost a very strong property management system. If your owners need a standard accounting system with a more flexible report generator best to stick with a separate accounting system.

My client had a Buildium/QB accounting system that met all their needs. Then in January they migrated the QB accounting to Buildium. What they saved in software licensing was more than lost in the time it now takes to maintain the general ledger in Buildium. glp
>
>
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> My boss
> sent me here. I have a background in accounting. Beginning this year my company
> has started working with Buildium and they now want me to stop working with my
> accounting software, so that we only use Buildium.
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> Apparently
> Buildium claims that they have a full accounting solution and everything “you
> dream of”, but then I cannot really get support and to me it looks they cannot
> handle the smallest bookkeeping tasks like a check for a credit from a vendor.
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> Besides all
> the official talk, I would like to know: Do you really use Buildium for your
> accounting? Do you use something else? Is there any integration to software
> like QuickBooks or xero.com?
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> THANK YOU
> SO MUCH FOR YOUR FEEDBACK!
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> Laura