Seeking feedback on landlord accounting methods

[ohiolandlord]

Wondering how landlords keep track of rent owed and other expenses, as well a,s income from Tenants whether it be pencil and paper, software or other means.

[Linda P]

Wondering how landlords keep track of rent owed and other expenses, as well a,s income from Tenants whether it be pencil and paper, software or other means.

I use a spreadsheet for each house (for expenses) and one for each tenant (for rent). If anyone has a better system, I'm all ears!

[Quintin]

I'm putting together a spreadsheet to handle this, and I'll be happy to share it with people in this forum.

I'm not sure what elements to add though.

Linda, you say you do it by property for expenses and by tenant for income. I was considering one spreadsheet page per rental with both expenses and income for that unit, with all the pages (worksheets) making up a property (workbook) with a summary page for the property.

whole Property:

mortgage payments
property tax
general repairs/mainenance costs
water

per unit:

rent income and payment date
specific repairs/maintenance costs
notes/log
electicity
gas
end of lease date
security deposit amount


What else is there I might be missing?

Quintin

[Linda P]

Quintin-

For my property expense spreadsheet (saved as "135 Overbrook expense", etc.), I have it broken down into 7 columns (my accountant wants it this way):
ADVERTISING
CLEANING & MAINTENANCE
REPAIRS
SUPPLIES
PROPERTY TAXES
UTILITIES
HOA/CONDO FEES

For each tenant spreadsheet (saved as "Wilson rent", etc.), I note date of rent received each month, but also check or cash with notes (i.e $10 short or -$50 carried over from January). I also note date and amount for security deposit and final months rent. I note everytime I contacted the tenant about rent, clarification on the lease, etc. This spreadsheet is much simpler than the "expense" spreadsheet.

Just my system. It works for me. :)