Keeping Track of Everything.. HELP!

Hi guys,

I'm 4 IPs in now and just wondering if anyone has tips on keeping track of everything?

Paying bills is no problems as they're all done at the end of each month, so that's easy.

I have (hard copy) files for each property, and anything pertaining to the property goes in there. I also have a folder on my computer for each property, and anything which is emailed through is saved there (valuation reports, photos, agency agreements etc).

Some monthly statements are emailed to me and some are mailed so they're all over the place. I assume at the EOFY I will get a statement from each managing agent showing how much rent has been received for that FY??

I calculated cashflow before purchasing each property but haven't kept track of it since I've owned them (as I know they take care of themselves so I don't see the point in micro managing).

I've purchased all 4 IPs in the space of 8 months so haven't gone through a tax return yet.. I'm assuming at the end of the FY I can just print out all docs from my PC for each property, compile with hard copy docs, and then provide a tally for each expense/income category to my accountant? And then start new files for next financial year..

Am I missing anything?

Is there a better way to manage all this?

Also, I have 4 loan accounts plus I've drawn equity out of 2 properties so I've got 2 equity accounts as well, all with 2 different banks. Is there an easy way to keep track of all this? At the moment my photographic memory holds all the info I need but once I get more properties this may get harder..

Cheers

If you have a mac, try Devonthink pro office.

The best I have found for soft copy document management.

Hi mate,
I'm on Windows 7.

Cheers for the input though, hopefully that is helpful for others.

I have an excel spreadsheet. Each property has its own sheet. Each property also has its own cost base sheet and 5 year deduction sheet.

This spreadsheet is stored on Dropbox. I also scan all hard copy receipts and invoices and store them on Dropbox. Each property has its own folder.

The reason I use Dropbox is so that I can access it from anywhere, even in my phone.

One Drive is better than drop box imho

jmillar said:

...
Some monthly statements are emailed to me and some are mailed so they're all over the place. I assume at the EOFY I will get a statement from each managing agent showing how much rent has been received for that FY?? ...

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My agents (3) all send me end year summaries showing rent collected, their charges and any outgoings paid by them. I use these to cross check my own figures - as I've got QuickBooks for my software business, I use it for my IP accounts too, though a spreadsheet is probably all you need.

Some accountants want to see copies of everything to ensure that everything is done in the right spot, some might be happy with summary like you proposed.

I use a variety of things but need to step up my organisation skills now that I have some time to get my ***** together.

Your PM will have in your contract if they supply a report at EOFY which you can give to your accountant.

I take a photo (much easier than a scanner most days) of all the hardcopy items and store them for each property.

At the EOFY I zip everything together and email to accountant.

I suggest excel with separate sheet for each property and also a summary at the front.

Record each month as you go. ie when a bill comes in, write it in the relevant sheet on excel. Make tables of monthly interest, rates etc that way you can quickly see if one month is lower or if you have missed something.

Have a checklist so that you don't miss any bills. e.g. body corp x 4, council rates x 4, water x 4, landlords insurance x 1, building insurance x 1, etc.

I also use spreadsheets. Hard copies are filled. I also scan them and save it based on the tax year. So, my tax year folder has something like;
Tax 2012
IP 1
related docs...
IP 2
related docs...
...

Thanks for all the suggestions, they definitely help provide some clarity. I don't have a scanner at home but it may be something I need to look into..

I remember seeing some good threads re: excel sheets to keep track of everything so will do a search. Are there any other software packages worth looking at for Windows?

jmillar said:

Thanks for all the suggestions, they definitely help provide some clarity. I don't have a scanner at home but it may be something I need to look into..

I remember seeing some good threads re: excel sheets to keep track of everything so will do a search. Are there any other software packages worth looking at for Windows?

Click to expand...

No need for a scanner. The photo you take with your smartphone is often just as good - and so much easier to do as you always have your phone with you. Open the envelope, see it's an IP document, photo and file (electronically and filing cabinet).

Also ring up every provider of a paper bill and ask if it's possible to receive an electronic version only.

Looks like there's a strong demand for a cloud based website for managing your property portfolio.. I may have to get onto it before it's too late lol

Try googledocs.

YOu can upload excel spreadsheets and access anywhere, or use the googledocs version of excel which is very similar for most purposes.

Google Drive?

Whilst on the topic, any good spreadsheets, software worth mentioning to track "everything"

cenz said:

Looks like there's a strong demand for a cloud based website for managing your property portfolio.. I may have to get onto it before it's too late lol

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There's already several out there.

No way I'd upload my property information to any of them though. The dedicated sites are generally developed by people with vested interests in your property information and their privacy policies and online security are somewhat 'immature'.

Or marry a good administrator! That's what I have.

justlearning said:

Or marry a good administrator! That's what I have.

Click to expand...

Finished learning Found the good solution for most of the problems!

I have an email address setup for receipts. Anything that i need to keep i take a photo and send it there, or forward an incoming receipt from within outlook and sort them out later all at once.

Australia post has a digital mailbox service but it only works for selected companies though I'm not sure which ones..

There are businesses that scan and forward it on, but would you really trust someone with all that identity fraud information who likely pay staff minimum wage?

I have a personal hate for anything paper. I thought all this digital life was meant to put an end to that?

A fax to email service with dedicated number is another way. I have been using utbox for a number of years, it works well.