Proper accounting helps you understand your investment performance and stay compliant with UAE regulations.
Essential Accounting Practices
Separate Accounts
- Keep rental income separate from personal funds
- Consider separate accounts per property for larger portfolios
- Makes tracking and reporting easier
Track Everything
Record all:
- Rental income received
- Service charges paid
- Maintenance expenses
- Professional fees
- Insurance costs
Categorize Expenses
Common categories:
- Repairs and maintenance
- Utilities
- Insurance
- Professional services
- Marketing
- Administrative costs
Key Financial Reports
Income Statement
Shows profitability over a period:
- Total rental income
- Operating expenses
- Net operating income
Cash Flow Statement
Tracks actual cash movements:
- Cash received
- Cash paid out
- Net cash position
Rent Roll
Property-level detail:
- Unit information
- Tenant details
- Rent amounts
- Payment status
UAE-Specific Considerations
VAT Compliance
- Commercial properties: 5% VAT
- Residential: Exempt
- Proper invoice requirements
Record Retention
- Keep records for minimum 5 years
- Digital copies acceptable
- Organized filing system
Common Mistakes
- Mixing personal and business funds
- Inconsistent categorization
- Missing documentation
- Delayed recording
- Ignoring small expenses
ProperLE provides built-in accounting features designed specifically for property management.