Regardless of your real estate portfolio size, having a comprehensive and organized rental property expenses spreadsheet is non-negotiable. This step-by-step guide outlines how to create a spreadsheet for rental property expenses (maintenance, utility bills, etc.), why real estate investors use spreadsheets, and reasons to upgrade to property management software.
Automatically track and categorize transactions for each property and Schedule E category.
Follow the simple instructions outlined below to create and use a real estate expense spreadsheet to help keep your rental property finances in check.
We’ve also created a basic rental property expense worksheet template as a source of inspiration to get started with tracking expenses.
Open a spreadsheet program like Microsoft Excel or Google Sheets to create a rental property expenses spreadsheet.
Set up a section at the top of your spreadsheet to input rental property information, including:
Write all the relevant information to easily identify and reference the investment property.
Create a section below the property information to track rental income with columns for:
This section helps track rent payments, monitor cash flow, and identify any outstanding or late monthly rent payments.
Once you enter the income amounts, use the “=SUM()” function to calculate the totals automatically. Type “=SUM” and select the range of cells containing the income amounts in brackets. For example, if your income is listed in column D (starting from row 2 to row 10), you would enter “=SUM(D2:D10)” .
(It’s already done for you in Baselane’s spreadsheet.)
Create a section to record monthly expenses with columns for the rental property.
Common monthly expense categories include:
This section helps keep track of a wide variety of regular rental property management expenses.
Update the property management spreadsheet with new rental property income and expenses as they occur. Set a schedule to review and analyze the spreadsheet on a monthly basis.
Property owners, landlords, and real estate investors who regularly monitor rental property finances can identify trends and make informed decisions for real estate investing.
Using a property management software tool with automated accounting features like Baselane can help streamline rental finances, landlord banking, and rental property bookkeeping all in one place.
For tips on a smooth transition from spreadsheets to landlord software, check out our blog post here.
Learn how separate accounts can simplify your expense tracking and taxes.
Spreadsheets come with their own challenges, including the risk of errors, lack of automation, and limited accessibility. Upgrading to property management software like Baselane can save time and money with automated accounting, accurate bookkeeping, and scalable expense tracking for unlimited rental properties.
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