Post-Closing Bookkeeping and Accounting

  1. Complete the "Post-Closing Bookkeeping and Accounting" checklist
  2. Class Watch "Bookkeeping and Accounting for Nomads" Recording of Live Class
  3. 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

  4. 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

  5. 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

  6. Enter income as you receive it
  7. Enter expenses as they occur
  8. 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

  9. 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

  10. 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

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