If you have a number of properties on the go, it might be best to hand over accounting duties to a chartered accountant or a management agent. It will cost you, but you can be confident that they’ll be maintained correctly. Also if your agent uses Rentview all your accounts will be viewable at the click of a button for you. If you’d prefer to do them yourself, you have the choice of either writing them out or using Microsoft Excel. It is a matter of comfort, but Excel does have advantages over manual accounting.
Spreadsheets store huge amounts of information & can be corrected easily
Have an inbuilt calculator function
More secure through password protection and back-up copies
Less cumbersome and easy to carry around if stored on a memory stick
More flexible in terms of presentation
As for the accounts themselves, they will need to contain figures on rental income charged and received, expenses and any capital costs. Expenses include insurance, utility bills, maintenance etc.
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by Andreas Riha