Record Keeping

S

SYD

Just wondering how forum members file their property related paperwork.

I have a different file for legal paperwork, rental income statements, depreciation schedules, maintanence and inspection costs, council rates and charges, body corporate fees (if applicable), and mortgage statements.

I'm interested if forumites have different methods of filing.

Also, do people lump paperwork for all properties together, or keep records for each property separate.

SYD
 
Paperwork... hmm

We keep all paperwork attached to the relevant properties. I also scan as much of it (all of it) as I can and file them electronically also. It's easier to index the documents with software - just enter a descriptive filename.

When it comes to tax time, sometimes it's just easier to print some documents out.
 
Scanning is good, I use quicken, can enter all entries with a category (for ease of reporting at end of year) and attach scans to each transaction for easy access. Then file the paperwork. If you ever need to retrieve the document you can easily search by payee, description, category etc.
 
A folder for each property with sections for bank docs, management docs, body corporate docs, repayments, etc. I then update an excel spreadsheet once a month. Makes it easier for my accountant, saving her time and me money :)

Jamie
 
I said I was gonna do what Jamie said.

Instead whenI got to round to organising myself, U got a black folderand labelled fles: Home / IP 1 / Shares / Tax. Then Ig ot a 2nd one fo rmoroom when I got IP 2.

Everythng for the current financial year goes there.

After tax time, they go upstairs into a blackfolder all of their own - or at least they will soon, the first 2 black folders are running out of room...
 
Last edited:
shoebox for each property for each financial year. All paperwork goes into the relevant shoebox during the year .... and evetually summarised into a spreadsheet the week before accountant appt.
I need to get better at this!!!
 
Dunno - need to ask the wife! :p

A folder for each property, with a summarised Excel updated monthly as "stuff" comes in.

Easy! (So I'm told!!)
 
tdh78au said:
shoebox for each property for each financial year. All paperwork goes into the relevant shoebox during the year .... and evetually summarised into a spreadsheet the week before accountant appt.
I need to get better at this!!!
Click to expand...

upgrade the shoebox with a lift off lid, get a folder that has it's own permanently attached lid. I suggest a black one.
 
Hi Rob I'd love a copy too if you don't mind.

I've got a folder for each property with purchase paperwork (in case we sell)
and one for each property with current years tax paperwork (rent, rates etc).

AND another one for strata and other stuff I can throw away at the end of the year.
So when I get last years sfolders back I'll have those folders as well.

There's got to be a better way. I'm foldered out.
 
I'll attach it to this thread, but don't get too excited!

(I'll have to do it tomorrow, because the computer it's stored on is shut down for now)
 
Myself

Property: Spreadsheets and filing boxes for receipts/old paperwork
Shares: Spreadsheets and my accountant does some spread sheet paper work from time to time for me

Mum has to be one of the worst record keepers around, i wonder how tax time goes for her... i usually don't really concern myself with her property stuff anymore otherwise my head would explode
 
Sample spreadsheet

As promised. But I hope you're not disappointed - it's really not that groundbreaking!!

Couple of points:
- we simply copy the template tab to keep a separate tab for each property.
- this does not include depreciation; our accountant keeps the schedules for inclusion on the tax returns
- any improvements/repairs we add a "comment" to the cell and put the details separately, so the deductability (immediate, depreciate) can be easily determined

Anyway, happy to share and hope it helps.
 

Attachments

  • Property management template.xls
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That's all I coudl see you'd need too Rob.

If you want to of course, you can also put a cover sheet on adding all the properties up etc and view grand totals.

Can't see why you couldn't add depreciation in also if you wnated to (just chose a month I suppose), then you got everything....

Do you give this and this only for your porety expenses to your acountant Rob?
 
Yep, 1 page for each property for the acct. Assuming we populate the spreadsheet properly, we're cool. And yeah, it wouldn't be hard to add depreciation. But our purpose for this is to provide a summary to the acct, not do a P&L for the property.

I like the idea of a front summary page... might do that for 2010/2011... thanks for the suggestion! ;)
 
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