One paper file per property. All paperwork sorted in chronological order.
One excel spreadhseet contains for one record for any and all IP related transactions which contains the following information;
account name where payment came from
PAYG tax paid
Expense types are those generally required to be submitted in the tax return however there is some additional informaiton eg property management fees, PM postage/admin, water rates, council rates, taxes (eg land tax), depreciation, maintenace, interest, bank fees, insurance, body corporate fees, BC special levies, accountancy costs, 'other'.
So at any time during the year, based on a pivot table I can simply see where my tax return is.
The biggest time is setting it up and then doing it every month to update all tranactions only takes 10-15 minutes max.
The next step is to start putting in anticipated & future amounts for all expenses, almost like having an entire years budget. But that's a bit of work
I like your system i like to know where i stand at all times so i think ill follow a system like this. especially till we gain some confidence in what we are doing.... i still feel out of my comfort zone when it comes to properties!
did you use a base excel sheet template form somewhere to start off with or did you set it up from scratch?