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Updated almost 8 years ago,
record keeping for small rental portfolio
Once a year during tax season the question of a better record keeping hits me :) We manage about 20 rental units and once a year I need to go through all our business accounts statements and credit cards to sort through records for the whole year. At the same time, I try to keep all receipts for every unit in a separate folder. I tried to keep all current records in the online excel sheet, so it will be easier to track all expenses, but I need some discipline to go there every time. I am about to get a real notebook to keep records of expenses which were paid cash with real signatures of contractors. Did somebody find a better way for record keeping? It is my side business, I want to keep things as simple as possible.