Best Practices To Organize And Track Spending By Property :

[Westin Hudnall]

I own 8 properties with a partner and were looking for guidance:

We want to find an easy way to track our spending so when tax time comes around we will know exactly what we spent rehabbing each buy and hold rental property that year. Is there a product we could easily use that each time we charged money on our business credit card it would be tracked to a certain property. Each month we use our card for several things (landscaping at one property; fixing a leak at another; new water heater at a third etc etc. All the costs add up quick and it gets complicated without a system. 

[Arlan Potter]

I'm not sure. I use credit cards for fuel and travel only.  We have charge accounts at Lowes, Locke a Supply, etc. and every purchase at suppliers we require a PO # which is the house address for the items purchased.  Then when we get the monthly statements we enter and post all purchases to the specific house. We also post the utilities to each house.

Quickbooks - we post income by house and all expenses by house. Year end is a dream. The numbers from the QB p & l goes right to the schedule E.  A 5 minute job.