Accounting - rental property
I started creating a excel sheet to start tracking accounts for a duplex I purchased. Any thoughts on below approach. Also I am trying to keep it simple (not trying to deal with taxation, depreciation etc.)
1. Ledger - all transactions
2. Balance sheet
3. Cash flow statement
4. Income statement
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| Net Equity | 24,600 |
| Balance Sheet | Assets | Liabillities |
| Property | 77,000 | - |
| Retained earnings | 0 | - |
| Debt | - | (54,000) |
| Deferred Liabilities | - | 650 |
| Deposits | 950 | - |
Cash flow- statement
| Downpayment | (23,250) |
| Aquisition | (5,867) |
| Aug 2016 (incl. turnover costs) | (1,958) |
| Sep 2016 (projected) | 360 |
Income statement
| Month | Net | Revenue | Payments | Deferred expenses - 20% |
| Aug 2016 | (1,788) | 650 | (2,308) | (130) |
| Sep 2016 (projected) | 240 | 1,300 | (800) | (260) |