Accurate tracking of rental income and expenses helps you understand profitability and make informed decisions.
Income Tracking
What to Track
- Rent payments received
- Security deposits
- Late fees
- Additional charges
- Interest earned on deposits
Best Practices
- Record payments immediately
- Note payment method
- Track against expected amounts
- Follow up on late payments
Expense Tracking
Categories to Monitor
- Mortgage/financing costs
- Service charges
- Maintenance and repairs
- Insurance premiums
- Management fees
- Utilities (if included)
- Professional fees
- Marketing costs
Documentation
- Keep all receipts
- Store invoices properly
- Note payment dates
- Categorize consistently
Tools and Methods
Spreadsheets
- Simple and accessible
- Customizable
- Manual entry required
- Risk of errors
Accounting Software
- Automated features
- Better reporting
- May be complex
- General, not property-specific
Property Management Software
- Purpose-built features
- Tenant and property integration
- Automated tracking
- Industry-specific reports
Monthly Review Process
- Reconcile all income received
- Review all expenses paid
- Compare to budget
- Identify variances
- Update forecasts
ProperLE automatically tracks all income and expenses with comprehensive reporting for each property.