Bookkeeping and Accounting for Nomads

This is the recording of the live webinar I taught called Bookkeeping and Accounting for Nomads on August 22, 2017 based on the original presentation by Brian Williams.

Watch the recording of the class here:

Warning! Logging and tracking tasks is for Premium Nomads only.

Click on the icon next to the task to see details about the task.

More info about this task...
Sign up for Dropbox with "Extended Version History" feature at:

http://Dropbox.com

"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.

Mark this task complete when done.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

More info about this task...
Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.

Here is the recommend folder structure for Nomads to be setup inside Dropbox:

  • "REI Folders"
    • Folder for each property and LLC/major entity
    • Example: "Main St LLC" (one folder for each LLC/major entity)
    • Example: "1234 Main Street" (one folder for each property)
      • "1. Purchase Docs"
        • "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
        • Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
      • "1.1 Refinance" (if applicable, but make it now)
      • "2. Trust Docs"
      • "3. Property Info"
      • "4. Mortgage"
      • "5. Taxes"
      • "6. Insurance"
      • "7. HOA"
      • "8. Expenses"
      • "9. Tenant and Property Mgmt Info"
        • Example: "Smith, John and Suzy" (one for each tenant group)

Mark this task complete once you've set up Dropbox and your folder system within Dropbox on your computer.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

More info about this task...
Talk to 3 Accountants to determine which one you'd like to use.

Ask your Real Estate Broker for recommendations.

Mark complete once you've talked to 3 Accountants of if you've already decided which Accountant you plan to use.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 2

More info about this task...
Determine who you will as your accountant to help you with financial planning and completing your taxes.

Ask your Real Estate Broker for a recommendation.

Mark this task complete once you've determined who you'll use as your Accountant.

AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

More info about this task...
Create list of questions about partnerships for Accountant.

Mark complete once you've got your list of questions.

AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2

More info about this task...
If you've created a new entity for your parntership, request an EIN for filing taxes.

Mark complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 3

More info about this task...
Meet with your Accountant to ask questions about partnerships.

Mark this task as complete once you've met with your Accountant and you have all your questions answered about partnerships.

AccountingBookkeepingLLCPartnershipsUltimate Nomad ChecklistWeek 3

More info about this task...
More info about this task...
More info about this task...
Watch the recording of the live presentation of "Bookkeeping and Accounting for Nomads" available on:

https://LearnToBeRich.com/bookkeeping-and-accounting-for-nomads/

Mark this task as complete once you've watched it.

AccountingBookkeepingBookkeeping and Accounting for NomadsClassesPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 52

More info about this task...
If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:

https://LearnToBeRich.com/bookkeeping-spreadsheet/

If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.

Mark this task as complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

More info about this task...
You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.

Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.

If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on LearnToBeRich.com to start tracking income and expenses for property.

Mark complete once you've set up bookkeeping and accounting for this property.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

More info about this task...
Each month enter the income and expenses for the property and your LLCs.

The longer you delay doing this the more painful it becomes especially as you forget what expenses were for and why.

It is much easier to do it either: as you receive them or, at least, once a month.

Mark this task complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

More info about this task...
Each time you receive income, log it in your accounting system.

Mark this task complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

More info about this task...
Each time you spend money or have an expense, log it in your accounting system.

Mark this task complete when done.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

More info about this task...
Send your Accountant your income and expenses for the year to prepare your tax returns.

Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 53

More info about this task...
File your tax returns for the year.

Mark this task as complete once you've filed for the year.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 65

More info about this task...
Review the tax return from your Accountant. Ask questions if you have them.

Once your tax return is approved, mark this task as complete.

AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 64

More info about this task...
If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.

Once you've shared it with your Partners, mark this task as complete.

AccountingBookkeepingBookkeeping and Accounting for NomadsMaintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 64

Bookkeeping and Accounting Spreadsheet Download

You can also download a copy of Brian’s bookkeeping spreadsheet for Microsoft Excel or use the web-based version for Premium Nomads.

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

Access Locked Content

Upgrade to access additional Premium Nomad resources like:

Upgrade

Want to work with Real Estate Investors? If you're a Real Estate Agent or other professional and want to work with real estate investors through your own local real estate investor group, check out our Professional Membership options.

Leave a Reply

Your email address will not be published. Required fields are marked *