How to keep track of bank and payment transactions?

I am stuck in a bit of a situation where I have done a few property development and selling but have not kept best track of all the records and transactions and now have to backtrack it.

I have used excel spreadsheets to keep track of some of the expenses however because I have bought and sold multiple properties and I have used multiple different banks and multiple different accounts where I have lent money from one account to another in order to make payment but have not kept track of it, its become very hard to find out what were my expenses and holding costs and how much money I have made from my work.

I have managed to get hold of all bank statements for all the accounts going back a few years. I need to figure out the way to back track transactions to understand what were the land and build expenses, what were the holding costs (this one is difficult as I have used multiple accounts for multiple properties) and how much I have made from each property and ultimately how I have transacted that money.

I know its a bit of a odd and naïve problem but I have promised to keep track of everything from here onwards.

Just wondering if there is an efficient and smart way on how to go about figuring this out so I can get it done fast and without missing out on all transactions.

I do have a old MYOB Account right software that I had purchased back in 2010 and obviously excel spreadsheets and Microsoft word.

I am open to suggestions on whats the best way to go about doing this monumental task.

 

You've got to input the data whatever you use - that seems to be the issue.
Excel should be fine

 

Get professional help? At least a bookkeeper to organise the transactions.

 

Most banks allow you to export the transactions to CSV.

Start with that and then categorise each transaction

 

Thank you for the comments. I think this is something I have got to do myself purely because if I gave it to anyone else they will probably get confused as to whats going on.

I am just trying to figure out where to start and how to make sure I am doing it accurately, wondering if anyone else has been in this position before and how they got around to it.

 

Unless you have accounting or bookkeeping skills, you need to work with one to figure it out.

 

Hi Davidov - as relevance to this topic, you can try our digital book keeping platform at Home | PropertyDirector. It's dedicated to property investors.

You can register to the free trial and add your properties. Transactions are captured in 'transaction groups' for easy management including income, expenses, loans and capital expenses. You can also specify any type of transaction frequency (monthly, fortnightly, twice per month, weekly, quarterly). You can set up multiple loans against your properties.

Everything gets captured digitally, and easy to track.

Give it a go and feel free to PM me or email us at [email protected] if you have any questions.

 

I do my own booking keep, but I had records right from the start.

Really need to just sit and spend some time and starting it.
A worksheet in excel is a good start, and data exports make it easy to view past transactions but I think you will get stuck on cash transactions.