Posted by dealmaker on June 19, 2005 at 21:54:08:
I just use Excel, heck it came on the computer. I set up a file for each property after lookin at my tax forms for the previous year. My categories exactly match the IRS form so it starts with income and then goes through the expense categories.
I keep a master list on my desk showing each property, amount of rent, tenant’s phone numbers etc. The last three columns are; expected annual rent, annual expenses and then income. So I can tell at a glance who’s paid, who’s late (and how often) and my annual budget and how it’ll be affected by slow pays.
If I’m doing a lot of work on a place I like to double check that I don’t miss any receipts. I make a file on the property showing the round trip mileage, meals, and a seperate column for each of the 3 places I generall buy my supplies.
I keep the receipts in one folder until I enter them into the computer, then I transfer them to another folder. I sort each column in ascending order. Then I go through the receipts and make sure each one is in the computer file.