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
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"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.
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.
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.
Ask your Real Estate Broker for a recommendation.
Mark this task complete once you've determined who you'll use as your Accountant.
Mark this task as complete once you've watched it.
If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.
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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.
Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.
Once you've shared it with your Partners, mark this task as complete.
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
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