How to organise paperwork ect for IP's

[Adria]

So for those of you with multiple IPs how do you "file" and organize everything. Everything being, paper work, keys, left over building materials like paint and tiles.

Also when renovating or buying things for the IP how do you keep track of receipts.
Between our house, the IP and the car there are lots of receipts that i have found

 

[our obsession]

Each property is it's own entity, each IP has it's own cabinet file, stored in my filing cabinet in the office.

The reason I do this is because it was suggested by our accountant and Mr OO.

Previously I had been filing, but NOT in each IP, under repair receipts, all bank statements together, PM statements, was a nice thought but confusing.

Now for each IP anyone can go to cabinet and put their hands on 123 Woop Woop Street Yippioooo, everything about that IP is contained within the file.

All tiles, left overs, paint, brushes, anything left over is stored within old shipping containers we bought and shifted up to the farm, they can be locked and are weather proof.

The receipts ...depending on which IP they belong to goes in the appropriate file, accountant wants each IP with all it's hoo haa together.

Car has it's own file, plus we keep a mileage book in glove box.

Keys/spare keys etc...all color coded and hang in office, I do have a spare key to all our IP's. Yellow(s) is for Bendigo because it's an old gold town, blue(s) for another because of it's huge beautiful, blue skies..and so on(that was all my idea, can u tell?).

 

[Norwester]

Hi OO,

Are you sure you that OO doesn't stand for Overly Organised......

Must admit though that I'm the same, although Mrs Nor does have another word for it.......starts with A and ends in L.....

But come tax time......it's a wiz.

Adria,

Exactly as OO says.......plus learn how to make up spreadsheets......with the right stuff, you can chart progress and also project into the future under a myriad of different circumstances......spooky huh...

ciao

Nor

 

[nww]

I just use the big Marbig Lever arch Files A4 folders.
Big enough for all your rent statements rate notices insurance and deductible
receipts. everytime you receive a receipt place it in straight away so its
in order of date so you don't have to organize again.

Have tried to standardize all properties with regards to paint, fittings so
you don' need extra space to keep more odds and ends for different properties.

 

[NOT 2 L8]

Organising is the key to easy admin.

I have a segment in filing cabinet drawer for each property. Each segment contains 3 manila folders. One titled BANK for all corro with bank, broker and mortgage docs, titles etc. The next titled CORRO for all paperwork to do with PM, leases etc. and the other titled TAX for all receipts etc.

I also use Property Manager Pro to keep electronic records. (Thanks Rixter.)

Come tax time I print out the reports for each IP and send them to the accountant who then conjours up the tax returns and we get a cheque from the Australian Benefit Society for being good citizens by providing housing to those who do not want to or cannot afford to get their own.

No need to complicate a simple job.

Cheers

Chrisv

 

[WASP]

I found these on the forum


http://www.somersoft.com/forums/showthread.php?t=20974&highlight=systems+filing


http://www.somersoft.com/forums/showthread.php?t=10172&highlight=systems+filing


http://www.somersoft.com/forums/showthread.php?t=8069&highlight=systems+filing


We are also wondering how everyone goes about the basic stuff like reminders to pay the utilities (electricity, gas, or water charges), and various rates. Reminders to review rents, bank accounts and basic credit card management. Reminders as the leases become due for renewal. Reminders to review the Loan Portfolio (should this be done annually?).

We have systems for direct debits, loan payments, rental payments and receipts go into a personal or specific property file once reconciled, but are interested in how others manage


We use Outlooks Calendar for most of the above

 

[PropertyQuotes]

Filing.... well I tried a few systems over the years, but here's what I've found works best for me and the accountant.

I have +10 properties which I self-manage. Each property has its own A4 file for the financial year. Each file then has dividers inserted:
SUMMARY - important info about the property - date of purchase, price etc;
INVOICES - bills/accounts
DEPRECIATION REPORT
LEASE doc
BANK statements
CORRESPONDENCE
OTHER - photo's, marketing ads, reno info - paint colours, products used; trades contacts

I also construct one spreadsheet per property based on the categories of the Tax return, and prior to tax time, summarise all expenses & income etc for each IP.

I meet my accountant just after the financial year and give him a 'Bankers Box' that contains all the files, and a downloaded e-copy of the spreasheets onto a thumbdrive.

On a weekly basis, I simply check my mailbox every day and anything that can be filed (or binned) immediately is. Any accounts and invoices I simply stick (in date order of payment) into a manila folder. Once a week, I jump onto the internet and pay the bills, and/or write cheques & then file invoices into the correct A4file. I use a manual diary for recording renewals of leases or any bank/refinancing schedules etc.

I've used this method for a few years now and it works for me (...and the acocuntant loves it). I just got audited by the ATO this year and the filing system worked a treat!

I know it sounds like a lot of work, but it only takes me about 1 hour each Sunday to keep everything in order for all the properties.

Good luck with whatever system you choose to go with

 

[mja]

My property manager sends me a statement at tax time indicating the income and expenses, all nicely itemised.

I keep a regular online spreadsheet via Google Docs on all bills as they arrive and expenses as they are incurred. Having all my expenses itemised online makes access to information easier when I'm not at home.

I also keep a folder for each property. Spend about 10-15 minutes a week keeping everything organised makes it so much easier at tax time.

 

[our obsession]

Nor of A--L:

Are you sure you that OO doesn't stand for Overly Organised......

Alas, I cannot take the credit, I am but the scurrying ferret, carrying out the Super-Mr-OO's-Manager Of The Universe wishes...S.M.OO.M.O.T.U's..

My organisational skills are....are....a work in progress....W.I.P

Bills/accounts due are all deposited into the big yellow folder, B.Y.F...that due first facing up....older accounts to the back of the folder...as they are paid, I am to lift them out of their yellow folder and place them into the appropriate IP folder. I must perform this, at the (precise) stroke of midnight, (S.O.M)... and offer a baby goat, (B.G) to appease the filing gods, (the F.G's).

In fact one is due tonight.

 

[Adria]

We are SUPER UNORGANISED HERE!!!

SO far everything relating to the IP property goes into one manilla folder. Tax time is a scurry of papers and everything falling out every were, thankfully to this point we have only had 1 IP property to do this with, but now we have aquired our 2nd and looking for a 3rd, this system is not going to work.

As for bills a stack on the end of the table.

We did see our accountant yesterday ( my cousin )
and he was able to help us also, mentioned, photocopying reciepts as they fade really quickly

 

[cgw]

I do basically the same, diff manilla folder for diff ips, diff colours, I keep all the prop management statements together, not mixed up with the receipts, so at the end of the year when they send the final statement it is easy to check off.
All bills come in, highlight the due date, file in a box in date order, Mon night pay all bills that are due, put on the spreadsheets and file in manilla folder.
At tax time take all folders containing receipts and statements with my spreadsheets to the acct and he does his business.
My spreadsheet is very simple, set up in the order of the tax form, that I think I got fm here somewhere.

 

[BayView]

paperwork.....what paperwork??



Just kidding.

 

[Ajax]

Filing cabinet with files for each property. All rent statements and receipts for expenses go in the relevant file for each property (receipts in plastic sleeves). Separate files kept for each bank loan with name of security property and bank loan account details on front of file . The files for each property are often out sitting on top of my filing cabinet as I am regularly going to certain property files. Separate files again for refinances of loans.

I run an immmigration business so spend a lot of time organising paperwork/files of clients. Over 500 files of completed matters in alphabetical order with a separate filing cabinet with A-Z for active files. Quite a few four drawer filing cabinets taking up one room.

Am amazed how disorganised some immigration clients (such as Irish tradies) are. Their employers are sometimes just as bad. One who kept all business documents for many years in piles in the garden shed...sharing space with lawnmowers, ladders and the dog.

 

[DavidMc]

I've tried all kinds of systems and in the end this very simple system works well for me.

EVERYTHING to do with any IP (Agents statements, invoices, etc) for a given FY goes into one file (4 IPs) throughout the year. Then at tax time I sort through it all, split them up and tally them up.

On top of that every property also has it's one file which contains loan doco, instruction manuals for dishwashers, etc.

These files are in filing cabients. Also contained in the filing cabients are one big keyring for each property. Took me a while before I actually sorted these out properly!

Pretty simple and works well for me.

 

[prandsa]

Everything is filed on the computer. Contract scanned and saved, monthly and annual pm statements, leases, rates notices; everything. Mortgage docs are the only thing I have as hard copies although pre-approvals etc are also on computer.

 

[Gee Cee]

I hate paperwork. And computers
But run a system similar to O/O.

Large filing cabinet.
Each property has a couple of manilla files.

Rental statements go to the front. Receipts go into the next file back.
At the end of the year the agent sends out a printed statement of their bits and pieces. I do a quick check and tally for each property and load onto computer for the accountant .

Runs Ok for me.
I know a lot of people load everything into fancy spread sheets and do graphic printouts of where they are every month.

But I am i only running a few properties not BHP.

Then all paperwork is dated and filed in sealed bags with a typed sheet of major items for that financial year at the front of the file. Placed into a storage container and stored in our shed. Every now and then i have a shed clearance and take all the old files away camping . Where they get burnt.

Gee Cee


old fart

 

[Minxdamanx]

I'm pretty sorted, well getting better anyway.

All paperwork that comes in during the month whether IP related or not goes into an in-tray on top of the filing cabinet. Bills get pulled out and paid once a week - Sunday night for no particular reason and then back in the in tray they go - I just move them to the bottom and stamp them and write receipt number on them.

Once I get my monthly advice from the PM I enter all information from that and anything relevant from the in-tray into my combination of 1 simple s/sheet and Property Manager Pro. I download my bank statements and enter interest etc off them and check off my PM statements.

All IP related receipts go into small folder in date order (1 for each IP) work expenses and other claimable receipts go into another folder after they've been entered into computer.

Bank statements go into date order in a manila file in filing cabinet with the appropriate account number written on the spine.

I then file all other paperwork (superannuation, paid accounts, other receipts, etc) into their files in filing cabinet. The in-tray is now empty.

At tax time, I print my s/sheet and reports from PMP, gather my group certs, dep schedule and anything I'm not sure of and take it to my accountant. I don't take the receipt files, but I have them if she has a query.

Once my tax is done my previous year's IP receipts and correspondence and any paid bills etc go into a storage box. I can get about 3 years worth in one. The only things that stay in the filing cabinet are current insurances, current year's bank statements, my receipt files ready for refilling and the purchase information for IP's & their loan documents, wills, personal stuff like birth certs, and receipts for large purchases that are still under warranty.

So a nice clean start every year. Oh and each year I throw away anything 7 years +.

Works for me and takes me about two hours a month (max) and then about 2 hours more at tax time.