Bookkeeping Spreadsheet

Last night Brian presented a special class on Bookkeeping and Accounting for Real Estate Investors for our local real estate investor club. In that presentation he talked about a number of topics dealing with getting organized and tracking income and expenses and other paperwork for your rental properties. He talked about using Dropbox and specifically how he organizes both his digital and paper filing systems.

And he also talked about various software applications you can use for tracking income and expenses like Quick Books and a number of others. But, the highlight of the class was when Brain demonstrated the Excel spreadsheet he personally uses to keep track of his rental properties.

And the good news is… he’s given me permission to share it with all of you so you can download it and use it in your own real estate business.

Premium Nomads can also use the web based version.

Images of Brian’s Bookkeeping and Accounting Spreadsheet

Here are some example images from the spreadsheet with a link below for you to download it.

The image above shows the list of income categories and expense categories (which you can edit should you need to) that match the IRS income and expense categories you will need when filing your taxes or when sending this information to your CPA to prepare your taxes.

The image above shows the list of your properties and LLCs or other entities that you want to track income and expenses for. Just add a new one and the new one will appear in the dropdown choices for running reports.

The image above shows a summary of the income for all properties… there is a single tab for entering income for all your properties and entities. That’s what is shown.

You might have guessed it was coming and you’d be right… the image above shows a summary of the expenses for all properties… just like the income tab, there is a single tab for entering expenses for all your properties and entities. That is this one.

Here is one of many reports available showing the itemized income and expenses for a particular property.

Download Brian’s Bookkeeping and Accounting Spreadsheet

Here’s the link to download Brian’s spreadsheet as an Excel file (available for free to any logged in user).

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Web-Based Bookkeeping and Accounting for Rental Properties

Premium Nomads can view the houses they’ve entered in the system and track income and expenses using the online version of Brian’s spreadsheet as well. Here’s a screen shot of the online version.

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

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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

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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 setup Dropbox and your folder system within Dropbox on your computer.

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

Improvements

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

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