Newbie Question #6: Tracking Expenses

[Elisha Keller]

Good morning BP! I'm getting awesome feed back to my "Newbie Question" each day and I'm learning a ton! One thing that BP and other sources are driving home for me is that real estate is a business. As a business, you need to keep records, track expenses, have separate accounts, etc. So with this in mind the newbie question of the day emerged:

How do you track your expenses (excel, QuickBooks, pen and paper)? Do you have separate accounts, if so how are they broken down? How do you file receipts? Do you write things down everyday, once a week, once a month. when tax time comes around?