Bank Account Structure

[Griffin Schermer]

My partner and I have been discussing how to separate out capital expenditures, repair and maintenance, vacancy, etc. for each rental within our bank. 

We now have a number of rental properties and are now trying to figure out the best way to separate things. We know what percentage of the rent we want to break out for each category (repairs, cap ex, etc.), this is more of an account structure question.

We are curious how people have it set up in there bank accounts. Do you have an account for each item(ex repairs, cap ex,)? Do you funnel them all into the same account (that particular rental) and then separate them out at the end of the year? Should we have separate sub accounts for each rental? or for example, should we put all of the money for all repairs across all of our rentals into one (repairs) account. So, if we have 4 rentals we put the money for repairs and maintenance for each rental into one account? We are just curious how people have their accounts set up. We aren't sure the best way to break it all out, but we also don't want to make things overcomplicated. We would love to hear some feedback on how people structure their bank accounts. Thank you in advance!

[Colton Potter]

I'm trying to learn more and optimize this myself! 

Right now I have 4 properties (All with different property managers) and here's how I have my accounts set up:

1x Business Chequing Account (For all properties that my deposits and most of my expenses come out of)

1x Business Mastercard (That I use for anything across all properties where I can drum up points)

4x Savings Accounts (1 for each property that has ~6 months of reserves in)

1x Savings Account (For property tax)

I'm in the process of incorporating and am trying to find a better way to track expenses for each property. I assume having a separate chequing account for each property where all the rent and operating expenses occur, is the best approach, but I'm not 100% sure.