The following are classes on bookkeeping and accounting for your rental properties and other real estate investments.
Alphabetical
Date Presented (First to Most Recent)
Bookkeeping Spreadsheet
In the classes, we discuss the real estate investor bookkeeping and accounting spreadsheet that Brian made and that you can use to keep track of your entire portfolio of rental properties. Download the spreadsheet using the link below.
Accounting Checklist Tasks
We have an extremely robust series of checklists for real estate investing. The following are the tasks tagged with “Accounting”.
- Sign up for Dropbox
Sign up for Dropbox with "Extended Version History" feature at:
"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.
AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1
- Setup Dropbox on your computer
Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.
Here is the recommend folder structure for Nomads to be setup inside Dropbox:
- "REI Folders"
- Folder for each property and LLC/major entity
- Example: "Main St LLC" (one folder for each LLC/major entity)
- Example: "1234 Main Street" (one folder for each property)
- "1. Purchase Docs"
- "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
- Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
- "1.1 Refinance" (if applicable, but make it now)
- "2. Trust Docs"
- "3. Property Info"
- "4. Mortgage"
- "5. Taxes"
- "6. Insurance"
- "7. HOA"
- "8. Expenses"
- "9. Tenant and Property Mgmt Info"
- Example: "Smith, John and Suzy" (one for each tenant group)
Mark this task complete once you've set up Dropbox and your folder system within Dropbox on your computer.
AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1
- Interview 3 Accountants
Talk to 3 Accountants to determine which one you'd like to use.
Ask your Real Estate Broker for recommendations.
Mark complete once you've talked to 3 Accountants of if you've already decided which Accountant you plan to use.
AccountingASAPBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 2
- Determine your Accountant
Determine who you will as your accountant to help you with financial planning and completing your taxes.
Ask your Real Estate Broker for a recommendation.
Mark this task complete once you've determined who you'll use as your Accountant.
AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54
- Partnership Create list of questions about partnerships for meeting with Accountant
Create list of questions about partnerships for Accountant.
Mark complete once you've got your list of questions.
AccountingPartnershipsPartnerships - SetupUltimate Nomad ChecklistWeek 2
- Partnership Request EIN for LLC
If you've created a new entity for your parntership, request an EIN for filing taxes.
AccountingBookkeepingBookkeeping and Accounting for NomadsPartnershipsUltimate Nomad ChecklistWeek 3
- Partnership Meet with Accountant to ask questions about partnerships
Meet with your Accountant to ask questions about partnerships.
Mark this task as complete once you've met with your Accountant and you have all your questions answered about partnerships.
AccountingBookkeepingLLCPartnershipsUltimate Nomad ChecklistWeek 3
- Complete the "Dream Team - Post-Closing" checklist
Complete the "Dream Team - Post-Closing" checklist:
https://RealEstateFinancialPlanner.com/dream-team-post-closing/
AccountingBookkeepingBookkeeping and Accounting for NomadsDream Team - Post-ClosingPost-ClosingUltimate Nomad ChecklistWeek 44
- Complete the "Post-Closing Bookkeeping and Accounting" checklist
Complete the "Post-Closing Bookkeeping and Accounting" checklist:
https://RealEstateFinancialPlanner.com/post-closing-bookkeeping-and-accounting/
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-ClosingPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 44
- Class Watch "Bookkeeping and Accounting for Nomads" Recording of Live Class
Watch the recording of the live presentation of "Bookkeeping and Accounting for Nomads" available on:
https://RealEstateFinancialPlanner.com/bookkeeping-and-accounting-for-nomads/
AccountingBookkeepingBookkeeping and Accounting for NomadsClassesPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 52
- Download Brian's Bookkeeping and Accounting Spreadsheet
If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:
https://realestatefinancialplanner.com/real-estate-bookkeeping/
If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18
- Setup Bookkeeping System
You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.
Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.
If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on RealEstateFinancialPlanner.com to start tracking income and expenses for property.
Mark complete once you've set up bookkeeping and accounting for this property.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18
- Keep books monthly
Each month enter the income and expenses for the property and your LLCs.
The longer you delay doing this the more painful it becomes especially as you forget what expenses were for and why.
It is much easier to do it either: as you receive them or, at least, once a month.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18
- Enter income as you receive it
Each time you receive income, log it in your accounting system.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18
- Enter expenses as they occur
Each time you spend money or have an expense, log it in your accounting system.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18
- Send Accountant income and expenses for year
Send your Accountant your income and expenses for the year to prepare your tax returns.
Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 53
- File tax returns
File your tax returns for the year.
Mark this task as complete once you've filed for the year.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 65
- Review and approve tax return
Review the tax return from your Accountant. Ask questions if you have them.
Once your tax return is approved, mark this task as complete.
AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 64
- Partnership Share tax return with Partners
If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.
Once you've shared it with your Partners, mark this task as complete.
AccountingBookkeepingBookkeeping and Accounting for NomadsMaintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 64
Other Real Estate Investing Class Topics
The Bookkeeping Classes above are just one of many real estate investing topics that we have available. Check out our list of all our real estate investing classes by year taught or topic.