Manage Your Own Books

If you’re a landlord or property manager, you know that managing your own books can be a tedious task. It’s easy to get lost in the details and miss out on important payments or lose track of where your money is going.

That’s why I have developed a system to help streamline the process and make sure that I never miss a payment or lose track of what I’m spending.

Every month, my rent is due on the 1st and late on the 5th. I always message my tenants on the 3rd to remind them to get their payment in on time to avoid the late fee. On the 6th, I go in and make sure all my tenants are paid. If they’re not, I then send out a 3 day pay or vacate notice.

Whenever I pay utilities or have any other costs, I input those into my property management spreadsheet. I keep all my receipts in another folder, and I link directly to the receipt in the spreadsheet. This way, I can keep track of everything and make sure everything is organized.

At the end of each month, I go through my bank account to make sure everything is correct. To help me stay on track, I have a checklist that I follow every month.

This checklist includes:

• paying the mortgage
• rent reminders on the 3rd
• late notices on the 6th
• pay gas
• pay electric
• pay water
• pay maintenance
• final review of books for the month

I have created a free property management spreadsheet to help streamline the process and make sure that nothing is ever missed. It’s easy to save, use, and edit to create your own system.

Managing your own books doesn’t have to be a difficult task. With the right system in place and a few helpful reminders, you can easily stay on top of your finances.