Tips on stellar book keeping

[Patrick Flanagan]

Hello,

I need some help on book keeping. I went from 0-6 units in 6 months. I did all my research on how to find the deals, analyzing the deals , learning how to find right property managers, setting future goals on what deals I want next. 

But I failed to do my extensive research on book keeping. I’m wondering what systems and process I can put in place to have stellar book keeping. I’m kind of embarrassed on how well I can analyze a deal and get the money to close on that deal. But I know next to nothing about book keeping. 
from what I have now, I have a separate bank account for my real estate(mortage payment, property taxes, and rental checks move through this 1 account)  I just don’t see this being the best idea for the future when my next goal is a 16-24 unit apartment complex…. Seems like it would get cluttered, my property managers send me monthly income and expense reports(that are in my email archives)… and that’s about it. I know this is the bare minimum, but I would like to get some advice on what I need to be doing to make the process of scaling much easier and more efficient. 

A Issue I’m running into is with my accountant, getting all the correct work orders that I have paid contractors over the year to do, all the expenses I’ve paid fixing the units up etc. 

Please feel free to roast me! But I’m hear you learn and improve! 👍🏻💪🏻

[Drew Sygit]

@Patrick Flanagan if you've hired a Property Management Company, you don't need a PM software, just accounting software.

All you need is one Operating Account for income and to pay expenses for mortgage, taxes, insurance, repairs, etc.

You should be able to do all this yourself for now. 

Get in the weekly habit of scanning all your receipts and naming them like this, yyyy-mm-dd <street>_<# addres> (vendor) <reason> $xx.xx

So, for example: 2022-07-16 Main_E_123 (JoePlumber) Snake Drain $125

Then you can also enter in accounting software. If you use Quicken, set up Classes for each property and income & expense type, sources.