Property Software
- Thread starter ksingh67
- Start date
Try searching ' somersoft spreadsheet collection'
As an accountant I have a tip. Don't leave it to the accountant. We charge people for our time and its far cheaper if you can summarise. I prefer to spend my time of adding value - Not adding up. And don't forget CGT costs. Ignoring CGT is like burning receipts. One day you will overpay CGT if you don't track these costs continually. Many accountants overlook that one and assume you are doing it.
My summary with CGT is attached. Contact me directly (below) if you want an unlocked version to edit as you see fit. Mine doesn't include a monthly summary - You can add that.
My property manager take care of that and provides a summary at the end eofy is there a need to do this again if they are capturing all the numbers for me?
What is gained from everyone doing it themselves? Keen to know as i keep detailed records of all personal expenses plus receipts. Hopefully I'm not missing out in this department
What is gained from everyone doing it themselves? Keen to know as i keep detailed records of all personal expenses plus receipts. Hopefully I'm not missing out in this department
No interest
No borrowings
No Insurance (Bldg, Contents, LL)
No strata except if they pay (and that may incl special levies)
No elect gas etc during tenancies
No private use
No settlement costs when acquired
No bank fees,
No stationery, software, publications etc
No expenses personally paid
No depn
No capital allowances
No travel
No capital expenditure breakdown (deductible and non-ded = repairs)
AND...Many now charge an additional fee.
Last week I did a clients tax. Agent changed software midyear. Report A + Report B didn't add up to the annual total and despite client arguing it was wrong they said "the accountant can fix it up if its wrong we aren't changing the reports". They duplicated two months and missed one month altogether.. I had to add up and resolve what was wrong. Extra cost for client.
Another client had carryover funds from prior year for a repair expense. Agent double counted as income both years.
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This was exactly the same as my thought the PM wouldn't know all the other stuff. They only know rent and repairs plus fees/bills.
Doing it yourself you can monitor the month by month progress as well as past years reports right back to when you purchased it, all in one convenient place.
You can also cross check your records with your PM's eofy summary.
Ahh of course!! Love it! I'll add it to my sheets too update.
I covered most items separately but this is much better!
If I wasn't chasing kids and of my phone I might have picked up I that more!
Thanks
I covered most items separately but this is much better!
If I wasn't chasing kids and of my phone I might have picked up I that more!
Thanks
