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Xero for Landlords set up and Bank import

I have a Landlord client with several properties and Barclays bank account (I just wish client would not use Barclays).

I intend to set up the client on Xero. I would be grateful for help/comments on the following:

  1. I am not able to import or have access to bank transactions going back a year with Barclays. So I am not able to import  full year bank transactions into Xero. The client has paper statements. What is the most efficient way to handle this?
  2. What file format will I be able to import more recent Barclays bank statement. OFX or CSV other? Is it straightforward to get the statement download from Barclays?
  3. I would like to use Xero for two purposes: For tax return data and Landlord accounts. If you have experience of this, can you help? I am willing to pay for this service. Really I am looking for help in setting up.
  4. Are you able to set up a bank feeds on Xero with Barclays? If so, what has your experience been like?

Thanks

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How about

1. Just start from the current tax year rather than going back a year - it will take you ages otherwise

2. You can get the client to set up a live bank feed with Barclays, which will be easiest

3. How many properties are there?  You could set up categories for each property and then run reports based on this

4. Yes they work as well as any other bank feed in my experience - they have the odd glitch, but overall very good

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Client doing accounts

Will you have the client doing the inputting?

Landlord accounts are not easy to set up on normal accounting packages. They will be even harder for most clients to follow.

 

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Other options

I have a landlord who uses this software and swears by it www.propertyhawk.co.uk

If you were interested in other options

 

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If I was the accountant ...

I would set up a spreadsheet with different sheets for each property and then I would convert the basic data into accounts.

I would advise you ensure you check the accounting regularly if you use Xero. I assume you would use Tracking to have cost centres used as properties.

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thanks occa will look at that

@peter quickbooks is fine for this sort of thing also

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QuickBooks

A few years ago you could buy QuickBooks with a property management addin.

I think you can use QuickBooks with Jobs but it's still a fudge.

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Automatic Bank Feeds
PocketRent is an official add-on for Xero that offers an online property management solution which integrates fully with the Xero Package.

Feel free to check it out I'm sure you will find it super helpful. Pocketrent.com for more info

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@Peter

yes QB did have a 'property' version but it was simply  a bastardised version of their existing software with tweaked report templates. it wasnt brilliant.

i rewrote a version for a client that worked and they were happy with - and a tip do not use jobs use classes much more flexible .

do you all love Xero?

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Yes, loving xero, I have all information at my fingertips anywhere any time. I wouldnt go back. Even today in a financial advice meeting I was able to pull up a P&L just like that.

Brilliant!

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... more love for Xero here...

... it's, quite simply, BRILLIANT.

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