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What software (if any) do you use to keep track of multiple IP's?

Discussion in 'Accounting & Tax' started by LoanSharkJR, 8th Aug, 2016.

  1. LoanSharkJR

    LoanSharkJR Active Member

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    Just wanting to get organised, after tax time and wondering what others use to keep historical and ongoing records of each investment property. Something a novice can use, not overly complicated.
    Sort of like a spread sheet with formulas that you put in purchase price, loan amount, interest rate, rental yeilds, etc.

    Thanks
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Exactly what are you trying to achieve?

    What do you mean by "keep track of"?

    Are you after stuff to help with tax returns? Or something more?
     
  3. LoanSharkJR

    LoanSharkJR Active Member

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    I just did a google search, something like this: Property Investment Software - Property Baron

    Yes, to help with tax, and to watch how a property performs year on year. Income, and expenses and so on. When (if ever will it become positive cash flow for eg.)
     
  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    Why not just use bookkeeping software like Xero or Saasu?

    However, if property is held in your personal names, these might be overkill - perhaps try Quicken / Reckon instead?

    Not property specific - but do a great job of tracking your finances.
     
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  5. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    You can get Xero Cashbook (a limited version of Xero suitable for personal finances) for around $15 per month. You need to get it through an accountant/bookkeeper (or in my case, Sharesight - Xero Cashbook + Sharesight). You can't get it direct from Xero.

    I still have an Excel workbook that I maintain which serves as a check against the Xero numbers.
     
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  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Just use excel.
     
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  7. Tom Alaka

    Tom Alaka Member

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    Excel! Ive tried much of the available software over the years, and still find my xls sheets to be the best (maybe not the most pretty but does the job and easy to use and further tailor).

    Some great examples here - Somersoft Spreadsheet Collection
     
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Excel all the way - keep life simple.

    Cheers

    Jamie
     
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  9. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    I have a few clients who still use the old biro / pencil. I would think excel is a bit more progressive and capable of untold customisation...just keep it simple. It does not need to look like a project plan for a new Olympic park.
     
  10. Chrispy

    Chrispy Well-Known Member Premium Member

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    I use Rent Manager. I have used it for many years. It is simple and easy to use and gives me Annual Statements that I can use for the Tax. I have just purchased a new version for Windows 10, I think it was $159 from Cash flow Manager, Adelaide. I know exactly where I am at all times. When the last rent was received from the Agent, what depreciation is left on each property, etc. It is very basic but it is all I need.
     
  11. Phase2

    Phase2 Well-Known Member

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    +1 for Excel, just make sure you have a good filing system/version control.
     
  12. devank

    devank Look, lets just get on with this, ok? Premium Member

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    What do you mean by that +?
    Do they work together somehow??

    Everyday, I do spend a lot of time to complie all expenses from multiple accounts (credit card and multiple offsets) for each property. I'm trying Xero this year to see if it can automatically match them and give me a table. It would be easier to assign odd costs to properties as it comes rather than trying to remember at the end of the year.
    I'm also trying sharesight to see if it can make tax Time easier. It looks decent.
     
  13. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    Yes. Sharesight automatically imports transactions (e.g. buy + sell transactions and dividends) into Xero which you can then match against your bank statement.
     
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  14. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I'm thinking the same thing.
    What is the need to keep track of?
     
  15. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Here are few i need to capture.
    1. Insurance payments
    2. Other regular bills until PM takes over
    3. Any costs paid if the monthly rent doesn't cover
    4. Other one off expenses like depreciation cost

    Multiply by number of properties.
     
  16. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I suppose everybody got their own method.
    Personally, I have no problem spending a few hours a year processing this stuff manually to submit to our accountant who does the rest.
    That's for 13 properties.
     
  17. devank

    devank Look, lets just get on with this, ok? Premium Member

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    That's what I have been doing. I know Excel enough.
    Only this year I'm trying out Xero to see if I can automate as much as possible.
     
  18. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    So do you get all your invoices electronically, and do everything paperless?
    I'm old skool and always like to work with physical invoices, even if received electronically I still print them.
     
  19. devank

    devank Look, lets just get on with this, ok? Premium Member

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    Yes. Why wouldn't you?
    Then download all bank records at the end of the year.
    Sort through them to categorise each cost.
    Hopefully Xero can automate above two steps.
     
  20. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    And deal with non-cashflow deductions ? and...
    How do you deal with capital expenditure - Both non-deductible and CGT cost base adjustments and...
    Integration of non-bank account transactions such as loan fees and interest...and
    credit card and cash payts, grossing up the agent statements and...
    Fail to address agent "retention" amounts in some months from the owner payment

    Software based options tend to address these issues very poorly v excel. Most accounting software was written by accountants for accountants