How do YOU keep a track of your investment property portfolio? I have luckily managed to purchase 2 and was wondering what everyone uses? Is there software out there or do you use spreadsheets? I hear some buyers agents have their own trackers? Just curious.
Investment Property Record Keeping
LInvesta on 15/07/2019 - 19:11
Comments
Yeah playing Monopoly has it's challenges
Excel should be fine.
Just put an outgoings and incoming rent column.
You don't need anything too fancy. If something is a deductible expense like changing the carpets during a flood, then you can put an X next to it. You can make your own customised solution.
I think those software suites might help you in tax time though. I can't recommend any, but usually it's quite obvious what is deductible and what isn't.
I upload all my bank and credit card transactions into pocketsmith. The rules categorise each transaction into a category so each IP has its own category.
At EOFY I check the amount received against each property manager's EOFY statement.
The data from pocketsmith (use any similar tool, it doesn't matter) gives me an indicative P/L figure which I check against my accountant's spreadsheet after filling in all the cells.
It's fairly simple once you've done a year of tax and have a system set up in place.
track of your investment property portfolio
What do you mean by this?
Income and expenses for tax time - property manager's software; tax agent's or your ledger (e.g. written down values); spreadsheet summary from property manager's annual statement and itemised ones that I incur outside of property manager's management period - e.g. that impact cost base
Changes in value to determine your net worth - spreadsheet
I recommend this app, its really helped keeping track of my expenses/income. Links to all your bank accounts (given your transactions should be here unless you spend alot of cash).
https://www.moneybrilliant.com.au/
I just keep all my docs per each property (I have 2 IPs) in their own folders.
Then I go through it this time of year and organise everything for the accountant.
You could use Quickbooks online as you can use it from a phone or computer and your accountant can authorise your accountant to log into it to get the information rather than you having to supply it.I use the Reckon Accounts hosted software which is very similar to Quickbooks. They nearly always have free trial offers so you could try it and see if it is suitable for your requirements.
surely keeping track of 2 properties is pretty easy.
if you have 2 properties then possibly you could count them using your hands.