Help setting up my books

[Christopher Derr]

I am really struggling with keeping books... or really setting them up as a DIY rehab and hold investor. When I buy multiple things on a reciept I don't know how to entet different amounts into what category. example: Buy paint, a tool, and all the supplies to put on a roof on the same reciept. I assume all the material for the roof goes together but in what category? How do I separate it for depreciation? or do I not and if not, how to I put it into my books as part of the cost of the house and rehab to get it rent ready? does it depreciate out at a different rate than the house? Does anyone use a good book keeper on line that I could pay to set it up and occasionally use? I definitely want to understand it but I also am going to get overwhelmed working on multiple properties at the same time DIY and trying to do the books.

[John Woodrich]

You have a lot of relevant questions and there is not quick answer to them without making a checklist of responses.  Unless you want to spend the time researching the questions you have I would definitely hire out your accounting and tax work.  On some level you need someone to data enter but on the other you need someone who is knowledgeable about construction to help you make the allocations between capital repairs and expenses.  If you are networking in your area I would look for a referral.  It would likely be a hassle scanning all of your receipts and records to an online service, if you can find one.