Keeping track of rental receipts when using property manager

[Arjun K.]

This question is fairly specific. I use a property manager. So I have what I call two categories of receipts: receipts I self-pay, and than receipts that come in through the property manager (for both income and expenses) .

For my property manager receipts, I am a little confused as to what I need to do for record keeping purposes. My monthly statements from him show gross rent, certain expenses, certain reserves (e.g. ,initial repair allowances) and then property management expenses. Only the gross rent and certain expenses have supporting documentation (i.e., cancelled checks). Lastly, I receive checks from my property manager quarterly -- i.e. the net payout.

I was going to break-up his monthly statements into different PDF files, showing (I) rent, (ii) expenses, and (iii) property management expense. Just so for record keeping, I can point to a different file for all three items. And then for the net payments I receive from property manager, if I have to then have a new file reconciling all these items.

It would be much more simple, however, if I had one PDF file that showed the checks I received from my property manager (after deposit), and then the property manager statements behind it. However, this will make it more difficult at year-end putting together the income statement.. as I won't have every expense in a separate PDF, etc.

Also, I'm not sure how this will work when I move to direct deposit with my property manager, and not mailed checks.

So basically, I am a hot, confused mess.