property management

[WebBoard]

From: Lizette Pomering


Hi knowlegeable investors,

Have recently purchased 2 IP's and would like to keep track thru MYOB. Do i just make entries thru the General Ledger and Cheque Book? I've started to set up a chart of accounts but would like to verify if it is ok.
Any advise would be greatly appreciated.

liz.

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi Liz!

That is fine. At the end of the day you, your accountant and the tax office just need to know what came in and what money went out and where. So, as long as your MYOB files will show this then it does not really matter how you enter the information.

Have fun

Dale

 

[duncan_m]

Reply: 1.1
From: Duncan M




Hi Dale,

Just curious, what format of records do you personally like to see when your
Clients come in, what makes it easiest for you, and what sort of savings
could a client make if they presented records to you in your ideal format?

Regards,

Duncan.

-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: None
Subject: property management


From: "Dale Gatherum-Goss" <dalegg@bigpond.net.au>

Hi Liz!

That is fine. At the end of the day you, your accountant and the tax office
just need to know what came in and what money went out and where. So, as
long as your MYOB files will show this then it does not really matter how
you enter the information.

Have fun

Dale



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[DaleGG]

Reply: 1.1.1
From: Dale Gatherum-Goss


Hi Duncan!

I don't really care so long as they summarise the income and expenses. This means that I don't have to add up receipts and papers and so we keep costs down.

I like a program called "Rent Manager" and I think it is brilliant and simple to use.

I just received (about 10 minutes ago) an evaluation copy of the program that Freestylers promotes and hopefully that will be something that I can suggest. I understand that you're familiar with it, Duncan. ))

Cheers

Dale

Ps - at the risk of being flamed, I have included examples and suggestions of record keeping ideas in the manual that I prepared for my talk.

 

[duncan_m]

Reply: 1.1.1.1
From: Duncan M


Dale,

Thanks for that.. I provide (exported from the Freestylers program) Excel
Spreadsheets on every property to our Accountant.

Which raises another issue, we're considering adding the ability to scan
receipts etc into the software so they can be recalled and printed if
required.. I'm also wondering if you have any insight into whether an
electronic representation of a tax invoice (in the form of a JPEG or
similar) is enough to comply with the relevant tax code, ie do I really need
to keep 5 yrs worth of paper records or can I record them electronically and
burn periodically to a CD for safety?

Regards,

Duncan.




-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: None
Subject: RE: property management


From: "Dale Gatherum-Goss" <dalegg@bigpond.net.au>

Hi Duncan!

I don't really care so long as they summarise the income and expenses. This
means that I don't have to add up receipts and papers and so we keep costs
down.

I like a program called "Rent Manager" and I think it is brilliant and
simple to use.

I just received (about 10 minutes ago) an evaluation copy of the program
that Freestylers promotes and hopefully that will be something that I can
suggest. I understand that you're familiar with it, Duncan. ))

Cheers

Dale

Ps - at the risk of being flamed, I have included examples and suggestions
of record keeping ideas in the manual that I prepared for my talk.



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[DaleGG]

Reply: 1.1.1.1.1
From: Dale Gatherum-Goss


Hi Duncan!

The scanning of records is an excellent idea. The tax office accept that this is fine (see TR 97/21) so long as they can find what they want, and take a printed copy.

It's a great idea!

Have fun

Dale

 

[aarondwyer]

Reply: 1.1.1.1.1.1
From: Aaron Dwyer


Duncan

What a fantastic idea! + it's allowed.

No more receipts fading away to the point where don't know what is was that was on them.

Aaron
--
Aaron Dwyer
Freestyler Novice
~ To know and not to do, is really not to know at all.

 

[duncan_m]

Reply: 1.1.1.1.1.1.1
From: Duncan M


Aaron,

We have the basics of it working, it'll be in the next version of Freestyler
Investment Tracker when we've tested a lot more scanner interfaces and
written an easy mechanism for archiving them to CD.

I think it'd be prudent to still file the originals in some manner, but it's
going to be kinda nice to have our entire financial records including images
of receipts for 5 years on a single CD. Stay tuned!

Regards,

Duncan.


-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: None
Subject: RE: property management


From: "Aaron Dwyer" <aarondwyer@optusnet.com.au>

Duncan

What a fantastic idea! + it's allowed.

No more receipts fading away to the point where don't know what is was that
was on them.

Aaron
--
Aaron Dwyer
Freestyler Novice
~ To know and not to do, is really not to know at all.



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