Rental property bookkeeping template12/8/2023 ![]() ![]() While a checking account is often used to collect rent from your tenants, a savings account can serve to put aside money for upcoming bills, such as taxes or insurance, or miscellaneous expenses, such as plumbing work or a broken thermostat in one of your units. Here are some of the steps for setting up your accounting: Set up a business accountįrom day one, you should set up a business account, including checking and savings that you will use for all of the expenses related to your real estate. And if you run several properties, you will be able to see where your losses and gains come from, as well as what expenditures you need to cut back on or maximize to increase your profit. When these records are compiled, you get a clear picture of your business’s financial health. What is it? In short, bookkeeping is keeping a track record of all financial records and transactions related to your business. How do you keep books for a rental property?īefore you get started, let’s talk about the foundation of bookkeeping.
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