Accounting - rental property

[Sunny D.]

I started creating a excel sheet to start tracking accounts for a duplex I purchased. Any thoughts on below approach. Also I am trying to keep it simple (not trying to deal with taxation, depreciation etc.)

1. Ledger - all transactions

2. Balance sheet

3. Cash flow statement

4. Income statement

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Net Equity

24,600

Balance Sheet	Assets	Liabillities
Property	77,000	-
Retained earnings	0	-
Debt	-	(54,000)
Deferred Liabilities	-	650
Deposits	950	-

Cash flow- statement

Downpayment	(23,250)
Aquisition	(5,867)
Aug 2016 (incl. turnover costs)	(1,958)
Sep 2016 (projected)	360

Income statement

Month	Net	Revenue	Payments	Deferred expenses - 20%
Aug 2016	(1,788)	650	(2,308)	(130)
Sep 2016 (projected)	240	1,300	(800)	(260)