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Accounting
Hello,
I have 10 single family homes as rentals. I opened a checking account for each property to manage its rent collection and to pay its expenses, ie: mortgage, maintenance, etc. Each month I scrape these accounts and transfer the cash flow to a savings account for future investments. My question is with general expenses that I have that is not attached to a particular property ie: my R/E license fees, equipment maintenance, accounting, etc. Should I open a general checking account for these types of transactions and distribute the cost evenly across the properties for P&L purposes? That would make one more checking account to keep track of. Any suggestions?
Thanks,
Nuhan