Keeping of financial records

[Emily Wilson]

I am conducting some research for collecting data in order to better serve my real estate bookkeeping clients. If you can spare a few seconds, I'd love to hear your method for maintaining your financial records for your rental activities (with the aim of being better prepared for tax season). You can be as detailed as you like, but one word answers such as "spreadsheet," "shoebox," or "Buildium" are much appreciated! Thanks in advance - this place is such a wealth of information! 

[Bill Crow]

@Emily Wilson

I’m sure answers will vary based on a number of factors - portfolio size, complexity, owner’s comfort with financial data, etc.

For my small, self-managed portfolio, I developed an Excel spreadsheet that categorizes income and expenses in a manner that mirrors what’s needed for tax reporting. I also have adaptations in the spreadsheet to show my cash income, rates of return, etc.

My actual receipts are file-drawer contained or filed in e-mail folders.