Tracking expenses on flip

4 Replies

Hi everyone!

Does anyone have a good efficient system for keeping track of expenses on a development property? Right now, I'm just using Excel as I find software will not be able to decipher what are on multi Home Depot receipts! Any tips/tricks to help with that would be great!

@Kimberly Lima someone will give you a good software but I just want to say that there is nothing wrong with excel for your first deals. I would focus more on getting a good outcome than trying to create a scalable process.

Excel is a good place to start. I'd highly recommend using PO's with your vendors so you can keep track of which receipt is for which property. You can setup auto filters in gmail to have all receipts from Home Depot, Lowes, etc. to go in a specific folder or to forward to someone else.

We do everything in Quickbooks Pro on the desktop. My bookkeeper reconciles the books bi-weekly and has our vendor logins so he can see receipts, PO #s, and ask any questions as needed.