Frequently Asked Questions
Feel free to contact us to ask any other questions, or get a free 15-minute personalized demo.
Q. Can I create a Balance Sheet?
Yes. The “Pro” plan includes a Balance Sheet and Profit & Loss Statement. A Balance Sheet is required for tax filings if you own property under a corporate entity such as an LLC. Otherwise, select the “Schedule E” plan if you don’t need a Balance Sheet.
Q. Does Beaver use double-entry accounting?
Yes. Beaver uses double-entry accounting, just like Quickbooks and most standard accounting software. This means that, for every transaction, a credit and debit entry will be recorded on the general ledger. Beaver will create these entries for you, but you can always review and edit them.
Q. I am currently using another accounting software. Can I transfer historical data to Beaver?
Yes, you can! Please send your data in an excel or csv file to [email protected] and we’ll upload them for you. You can send us a general ledger, or any list of transactions showing the date, description, and amount of each transaction.
Q. Can I attach documents?
Yes, you can attach and save documents in many places on Beaver. You can save property-specific documents (e.g. deed, closing documents, insurance policy) under each property, tenant-specific documents (e.g. tenant’s application) under each lease, and transaction-specific documents (e.g. an invoice) under each transaction. You can also add notes for future reference.
Q. Can I use Beaver to manage a homweowner’s association (HOA)?
Yes, some users use Beaver to collect HOA fees from owners, and bookkeep the received fees and property management expenses. By adding other owners as “members” on Beaver, they will have access to all financial information and saved documentation.
Q. Can I manage multiple LLCs under one account?
Yes, you can add as many LLCs as you like under your account, and create a Balance Sheet and Profit & Loss Statement for each LLC. We know that many real estate owners manage properties under separate LLCs and file tax returns for each LLC. That’s why we created this feature. Our fees are based only on the number of properties you own, not the number of LLCs.
Q. How can I cancel my monthly subscription?
You can cancel your subscription anytime, no questions asked! Please email [email protected]. Free trials will end automatically after 14 days (no need to email us).
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