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Updated over 4 years ago on . Most recent reply

Account Closed
  • Canoga Park, Ca
57
Votes |
84
Posts

Simple bookkeeping advice

Account Closed
  • Canoga Park, Ca
Posted

Hello everyone a complete newbie here, and about to close on a property soon. I was wondering if anyone had any advice on keeping track on income, expenses, Net operating expenses, Net operating income. I've seen some rent rolls while I was looking for houses and they seem very elaborate on spreadsheets etc. I was hoping to do my own books, I'm not real tech saavy, and I want to be organized, and efficient. Are there any simple programs that would be effective at this? Any and all suggestions are welcome.

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Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
875
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1,632
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Johann Jells
  • Rental Property Investor
  • Jersey City, NJ
Replied

I just copied this answer of mine from a similar question last week, I think spending hundreds of dollars a year on Quickbooks for a simple landlording business with no payroll is unjustified. 

I've been using Quicken to track my business expenses for 30 years, even before I had properties. You download your bank and card transactions into it, then categorize each one. From then on you can track whatever you want using the report function. I can easily look up what I spent on the water bills of a property for 2002.

I use one checking account and one credit card for each of my businesses, but rentals are one business, not bank accounts for each property.

There are several well known online services that do this, but it makes me nervous not having control of my data. I have 30 years worth of business data, with that new web service be around that long?

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