How do you manage receipts for rentals and miles? (only 3 homes)

9 Replies

We are selling some properties, but will keep 3 nearby rental homes.  I am wondering how you manage the rental expense receipts and keep track of business mileage.

I record the expenses and income on a spread sheet I make for each for each property each year,and I list the various expense catagories.  But, do you use some app or software to store pictures of the receipts, or just keep the papers, or what?  And, do you some software or app to keep track of business mileage?

Since we only have 3 rentals now that we are retired, I don't want software designed for 100+ rentals.  

I only have a few rentals but I use Quicken.  Every property is set up as a "Project".  Every transaction is recorded to that project.  when i want specifics on a specific property I run a report on that specific project.  Transactions are downloaded automatically.   

Mileage I handle manually.  I have to pay a toll to get to my rentals so it's easy for me to track the mileage.  I just keep the toll receipts and I know the mileage for the trip depending on the bridge I went over.   I've been recently playing with IFTTT and using the GPS on the phone to automatically add information to a Google Spreadsheet for all my trips.  Not sure if I will move to that for tracking at some point in the future.

I'm curious about the mileage as well. 

Is anyone using an app or a program to use that helps to keep track of mileage? 

Right now I'm doing everything manually through a Google spreadsheet and keeping receipts. But I have been wanting to upgrade to keeping receipts electronically so I don't end up losing anything. 

Mile IQ for mileage 

Receipt Bank for keeping track of receipts 

QBO for actual accounting 

I started using MileIQ last year and I love it.

For receipts you can use any adobe scan on my phone. Cozy has a good set up as well.

FREE:

Scanner: Use your phone to take a picture or scan a PDF

Receipts: Dropbox, Google Drive or upload to your computer

Software: Excel or Google Sheet

PAID:

Scanner: Invest in a scanner to scan both sides of the page. 

Receipts: Hubdoc you can email, upload all the receipts and statements that integrates with QuickBooks Online and Xero.

Accounting software: QuickBooks Premier or Accountant one-time pay, QuickBooks Online Plus subscription or any other software you seem fit. QuickBooks Pro you cannot get Balance Sheet by Property.

IMPORTANT: make sure you have control over all documents and software.

VERY IMPORTANT: make a backup offsite. We use Carbonite to back up our computers at intervals. 

Do your due diligence.

@Gita Faust has great suggestions.  I can't stress two of her points enough.  Coming from an IT background keeping control of your documents and software is important.  Cloud providers and App providers come and go, both the free and paid ones.  You're data isn't always the first thing on their mind when they decide to fold.

Backup, backup, backup.  You realize how important it is once you don't have it.  I've read good things on Carbonite.  Personally I use Backblaze.