Do you keep an expense journal even if you have a Prop Mng?

[Edita D.]

Hey guys!

We have property managers for all our rental units from whom we receive year-end cash flow and statements. I have been also logging all expenses into a "yearly expense journal" on Excel spread sheet that I created myself.

Now that we have a baby and MUCH less time, I was wondering if it's wise to quit keeping my own records since we have a PM. If IRS audits us, I can just request those records from our PM, right?

Thanks!

Edita