How to keep track of budget

[Junior Nguimi]

Hey, I wanna to know, Let’s say you get a rent money for the month, how do you split the money between utilities, mortgage,...

Is there an app or software that help you split your budget and send money in those specific characteristics(gas, water,mortgage,miscellaneous,...)

How do you manage that money of small of details if you have 100 properties?

[Mike McCarthy]

@Junior Nguimi whether it’s a spreadsheet, QuickBooks, or a rental management tool, it’s all basically the same.

Income - rent, pet fees, any other tenant-paid fees (not security deposits)

Expenses - mortgage interest, taxes, repairs, capex, etc.

Always split each entry by account (what it’s from/for). Then you can easily report on how much you paid on repairs last year, or how much pet fees impacted your bottom line.

For a few properties, Excel works well. QB takes some time and learning to get up and running but is great for more properties and getting an accountant what he needs. Larger portfolios usually use a Buildium type product.