Real estate can be an excellent investment, but if you are to be a successful landlord, you need to track every expense. Tracking your income and expenses accurately will also make filing your taxes easier and less stressful. Fortunately, Microsoft Excel is one of the most powerful tools landlords have at their disposal. This popular and widely available spreadsheet program includes a number of tools that landlords can use to keep track of their rent rolls and their profits.
- Skill level:
Log onto your computer and open Microsoft Excel. Open a new spreadsheet and save it to your hard drive.
Log onto the Microsoft website and download an invoice template (see References). You can use this template to create monthly invoices for all of your tenants. Using a template also allows you to keep an electronic record of every invoice you send.
Download a real estate template from Microsoft (see References). The company offers a number of unique templates designed to help landlords track their property-related expenses as well as their rent receipts.
Update the information in the template to match your own needs. Add or remove columns and rows as needed. The templates available from Microsoft include common expense categories, such as property taxes, utilities and mortgage payments. You can add rows as needed and remove any categories you do not need.
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