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I am going to be taking on a new client that is doing a substantial renovation on one home and also building a new home. There is no lender involved. There is a budget and I will be keeping track of how things are progressing relative to the budget. I’m not sure it matters but my intention is to use QuickBooks online for this client and I am thinking that I will probably track the budgets outside of QuickBooks. Has anyone done this type of work for a client? If so, I would love to speak with you about any insight you might have into the process. I will be capitalizing the construction costs rather than expensing them so I don’t know that the project tracking feature in QuickBooks would help in this scenario. Thank you for any advice you might be able to offer.
I have not used it for it’s budgeting features so it may not do enough of what you are trying to track, but I would take a look at HomeZada which is a home inventory, home maintenance online tool. They have a budgeting feature for tracking home improvements. Again, not sure if this will be helpful, but might be worth a look.
Alix
FYI: I did contact HomeZada regarding financial tracking and here is what I was told:
“Currently, HomeZada does not have an integration with Quicken or Quickbooks, but a user can export their home inventory Excel and then use that data however they need. Each app within HomeZada has financial tracking of details. For instance, you can track the values of your items in home inventory, you can track your annual maintenance spend by using the maintenance functionality, you can track you project budgets both individuality and all projects in home improvements to understand your overall project spend and to keep you on track, and finally the finance app will allow you to track the value of your home, your mortgage pay off dates, your equity, your insurance coverage, and your monthly and annual expenses. Our homes are generally one of our largest assets and our largest expense, being on top of all this data is important for overall financial management.”
And this link has more information of what financial tracking it can do Finance Features
Hope that helps. While it does not have quickbooks integration I have found HomeZada to be a terrific tool for managing house (inventory, maintenance schedules), and does allow for home improvements tracking.
Alix
Thank you for this information Alexandra. I’m going to check it out. And even if I don’t use it for this construction tracking, I might be able to use it for a couple of other clients as we track home improvements that impact cost basis.
Cathy
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