How detailed should my books be?

1 Reply

I use Stessa and was wondering how detailed I should be when it comes down to filling my receipts.

I only own one duplex and I have been recording things as simply as possibly. Should I be breaking down costs in Stessa?

For example.

Should I split up my mortgage payment into each of its parts principle, interest, taxes, etc. or since it is one bill leave it as such?

When I buy a maintenance item that will be used for both units at one trip to Lowes should that be divided down?  

When I refinanced my mortgage should I have split up all of the closing costs into different categories?

@Richard Arden

I use Stessa and record repairs for individual units on our duplex, just to keep track of performance of one side vs the other. I keep my closing costs as a single expense and don't split up mortgage payments. That's mostly tax driven, I'm going to get a 1098 from the mortgage company so I don't need to track mortgage interest separate. You report deductible costs per property to the IRS and calculate basis as one number, so any detail of breaking those down is not really necessary and just personal preference.