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Updated over 5 years ago,
Should you have a bank account for every property you own?
My parents own 4 properties with a total of 37 units. I recently started helping them with the business and I want to help them organize their accounting better.
My questions are:
- How do you all do your accounting with multiple properties?
- Do you all have multiple bank accounts? (one for each property)
- Do you manage separate expense accounts for each one?
- How do you all organize your accounting? are you very specific (assigning expenses to units themselves) or broad (assigning expenses to the property in general)?
Thank you in advance!