Bookkeeping tips for rental properties

[Vickie Y.]

Wanted to see if anyone has some tips for simple and effective bookkeeping for buy-and-hold rental properties. Currently, I track net worth monthly on a simple excel spreadsheet (has columns for checking, retirement, index fund, etc...). Since there is a lot more in and out involved with a rental, I am looking for an efficient way of tweaking it to meet the following goals: 

1) preferably not on a separate software program. Like the old-school feel of excel :) 

2) Keeps real estate transactions separate for tax purposes

3) Easy to fill in expenses and income on a monthly basis

If anyone has any tips, or even an excel template they would be willing to share, that would be extremely helpful! Thanks!! 

[John Adams]

Look at www.buildium.com
Tracks everything, and more. No-brainer.