Rental Property Income and Expenses spreadsheet is an Excel spreadsheet to track monthly income and expenses of your rental property business. It is just a simple spreadsheet where any small business owners can use it easily.
They just need to fill any transaction daily and let the Excel formulas summarize them into monthly report. This summary should give you a rough figure on how your business is going. Is it profitable enough or you need to create new strategy to increase your income. The easiest way is to raise the price. But, you need to see how your competitors doing their businesses to make sure that your price doesn’t make your customers go away.
This spreadsheet is suitable for you who :
- wants to see rough financial figure of your rental property business quickly
- wants to see actual profits from your rooms quickly
- manages a few apartments/rooms and paid weekly/monthly
- needs to record all income and expenses easily
- doesn’t want to have complicated report with accounting terms
You will get only income and expenses worksheets with monthly summary worksheet. No chart or dashboard. But, you can create one by yourself. No accounting style format (balance sheet, journals, ledger etc), so you don’t have to worry about inputting data in incorrect places.
How to Use Rental Property Income and Expenses Spreadsheet
Rental Property Income and Expenses Spreadsheet Model #1
The first model requires you to put income and expenses by month. One worksheet is correlated to one month. There are 12 worksheets to cover all months in one year, from January to December. Income table at the left side and expenses table at the right side. To start using it, you can go to “Monthly Summary” worksheet to type your apartment/room names in income part, and your expenses names in expenses part. All names will be grouped in category list automatically. You will use this group names as selection in those 12 month worksheets as category reference. You can go to “Monthly Summary” worksheet to see your input summary.
Rental Property Income and Expenses Spreadsheet Model #2
The second model is more simple. There are only three worksheets. Monthly summary, income and expenses. Fill your business transaction in respective income of expenses worksheet. Built-in Excel formula will group transactions within similar months and show it in Monthly Summary worksheet. See your business performance in simple profit and loss statement in that financial summary worksheet. With this spreadsheet you don’t have to think about putting the data in correct debit and credit columns that you may find in a more advanced accounting spreadsheets.
Financial summary worksheets are similar on both models. Remember that you can’t create balance sheet, cash flow, or equity report with these data. You need another hotel bookkeeping spreadsheet for that purposes. You can add your assets, payable and receivable to have a complete financial statements in that spreadsheet model. No need to understand accounting, though.
Dummy data inside this spreadsheet are not related with actual rental property business. It is just dummy data. You might know better what kind of data that must be filled in this spreadsheet. You can modify this spreadsheet to suit more to your rental property business.
Using Microsoft Excel to simplify your spreadsheet tasks is not as difficult as you think. I learned how to use it in less than 24 hours and rely on internet to find the solution if I got stuck. I am not an Excel expert, but here are all useful spreadsheets I have collected and created.