If you own one to a few rentals, a clear record of rent and expenses makes it easy to see cash flow, follow up on late rent and hand clean records to your tax preparer.
1. List each property and lease
Address, rent, due day, tenants, contact info, lease start and end, and deposit held.
2. Log rent as it comes in
Date, property, which month it is for, amount and method. Record partial payments too, so you always know the balance owed.
3. Log expenses with receipts
Date, property, category, vendor, amount and where the receipt is saved. Keep categories consistent all year.
4. Track repairs
Note each request, the vendor, status and cost. It helps with tenant communication and budgeting.
5. Watch leases ending soon
Flag leases ending within 60 days so you can plan renewals or turnover.
6. Review monthly
Compare rent collected to expenses for each property.
Checklist
- ☐ Property and lease details
- ☐ Rent ledger updated
- ☐ Paid / partial / unpaid status by month
- ☐ Expenses logged with receipts
- ☐ Repair requests tracked
- ☐ Lease end dates flagged
- ☐ Monthly cash flow review
This is about organizing records. Ask a qualified professional how to report rental income and expenses; this is not tax, legal or accounting advice. Gathering paperwork for tax season? See how to organize your tax documents.