Rental Property Income and Expenses
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- 69 KB File Size
- June 26, 2017 Updated
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- Yes Free
Rental Property Income and Expenses spreadsheet is a spreadsheet to track your business income and expenses monthly. It is not a complicated spreadsheet with all accounting terms. It is just a simple spreadsheet where any small business owners can use it easily. They just need to fill any transaction daily and see them summarized in financial summary worksheet. This summary should give you a rough figure on how your business is going. Is it profitable enough or you need to create new strategy to increase your income. The easiest way is to raise the price. But, you need to see how your competitors doing their businesses to make sure that your price doesn't make your customers go away.
From my point of view, this spreadsheet is suitable for you who :
- wants to see rough figure of your rental property business quickly
- wants to see business profit quickly
- manages a few apartments/rooms and paid weekly/monthly
- needs to record all income and expenses easily
- doesn't want to have advanced report with accounting terms
Since this is just a simple spreadsheet, you will only find income and expenses worksheets as well as its monthly summary worksheet. No chart or dashboard, but you can create it by yourself. No accounting style format (balance sheet, journals, ledger etc), so you don't have to worry about inputting data in incorrect places.
How to Use Rental Property Income and Expenses Spreadsheet
You can select one of two available models. The first model requires you to put income and expenses by month. I allocate one worksheet to one month, from January to December. There are 12 worksheets for those 12 months. I set income table at the left side and expenses table at the right side. To start using it, you can go to "Monthly Summary" worksheet to type your apartment/room names in income part, and your expenses names in expenses part. All names will be grouped in category list automatically. You will use this group names as selection in those 12 month worksheets as category reference. You can go to "Monthly Summary" worksheet to see your input summary.
The second model is more simple. There are only three worksheets. Monthly summary, income and expenses. Entry your business transaction in respective income of expenses worksheet. The excel formula will group transactions within similar months and show it in Monthly Summary worksheet automatically. You will see how your business performance in simple profit and loss statement in that financial summary worksheet. I call it simple, because you don't have to think about any accounting terms. So, you don't have to think about putting the data in correct debit and credit columns that you may find in accounting spreadsheets.
Financial summary worksheets are similar on both models. Remember that you can't create balance sheet, cash flow, or equity report with these data. You need another spreadsheet for that purposes.
Dummy data inside this spreadsheet are not related with real rental property business. I created it for another business and I think this spreadsheet could fit rental property business as well. You might know better what kind of data that must be filled in this spreadsheet. You can modify this spreadsheet to add more names, change it's outlook, create chart, add more worksheets, etc.
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