Rental income and expenses template

Some investors create their own income and expense worksheet template using a simple Excel spreadsheet, OpenOffice, or Google Sheets. Other rental property owners prefer not to reinvent the wheel and use a free online system to keep track of rental property income and expenses. These off-the-shelf programs are a good match for real estate investors who understand accounting and enjoy doing their own bookkeeping.

It can take a little time and effort to set up the programs to properly account for rental property income and expenses.

Before purchasing the software or committing to a monthly subscription, try to download a free demo version to make sure the program does everything you need and want. Set up a sample rental property, enter your business banking information, create a tenant, and book income and expenses for single and multiple properties. After that, generate monthly and year-end financial statements to make sure the program is easy to use and tracks every transaction properly.

Rental property owners looking for a real estate-specific software often consider options such as Rezedent, TenantCloud, and Stessa. Of these three, many real estate investors find that Stessa is the ideal system for automating income and expense tracking with a paper trail, and managing the financial performance of rental property.

The software is perfect for smaller investors with one or two rental properties, as well as sophisticated investors with a large portfolio of rental properties. It only takes a few minutes to create a free account, enter each property address, and link your business bank accounts.

After that, personalized reporting will help you to maximize profits through smart money management and real-time reporting. When tax time comes around, rental property owners can visit the Stessa Tax Center to get a free tax package or fill out and file IRS forms on their own.

There are two main forms real estate investors use to report income and expenses to the IRS:. As you enter each amount, the totals update automatically at the bottom of each row for each of your properties and across for the grand total, giving you an at-a-glance view of your monthly and yearly income and expenditures.

Use our free worksheet template to simplify management of your rental finances, or use it as a starting point to create your own. Note: This is a Microsoft Excel document. For this document to work correctly, you must have a currently supported version of Office installed on your machine. Rental Property Calculator. Renewing a Lease With Your Tenant. This browser is no longer supported. Please switch to a supported browser or download one of our Mobile Apps.

See Mobile Apps. Click to see more Click to see more Click to see more Click to see more Click to see more. Template Attributes First, note that the template is designed to be used by businesses renting either commercial or residential properties to others hence the name, Rental Property Expense Worksheet. See the image below: These entries are the source for the names that are used in the monthly tabs, and assure continuity of naming across ensuing months.

Monthly Tabs The next twelve tabs are used to record your monthly business activities. The blank tab below is for January: To save on space, our example shows only the top part of the tab.

Other information specific to the individual property being rented is also available. Appropriate Use As mentioned above, this template is very useful for expense tracking, rental income tracking, as well as tracking of the rental property profits or rental property losses that results from its business activities.

Conclusion The Rental Property Income and Expense template provides you, the business owner, with valuable and timely information. How useful was this template? Click on a star to rate it!

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Charles Strickland Reply. This should give me the spread sheets that I need to organize and turn over to my accountant. Nik Carter Reply. Rifqi Shinebourne Reply. How do I add more sources of income or do I need to you use another spreadsheet…?