The template is set up so that each property will have it’s own page which is linked to the main summary page. The first option will have a place for 5 properties/pages, and can be upgraded to use for the 10 property, 15 property, 25, 30 or 40 property versions.
The main summary page will show the annual totals for each property for the annual rental income, and expenses per category. You won’t actually enter anything in the summary page. Underneath each property name, you can click on the link and it will take you to that properties detail page (or you can click on the tabs at the bottom of the worksheet).
The individual property pages, all contain 3 sections –
The Individual Property Summary – Will contain a monthly summary of income and expenses and if you scroll down you will see the total expenses by category. These are all based on what you enter in the sections mentioned below.
Rental Income Section – This is where you can enter your rental income and any fees. For each payment you receive, you will enter the amount paid, date, customer name, etc. There is also a place to enter any remaining amount due and the due date. Also, more for short term rentals, you will be able to enter the start and end dates for when they will be renting and any extra notes or comments.
Rental Expenses Section – This next section to the right is where you can enter any expenses related to the property. There is a place to enter the expense description, date and amount, as well as a drop down list with 14 categories that match those categories used for tax purposes.
*You will be able to add up to 8 of your own expense categories to the expense category drop down list (directions included).
*Bonus page – For versions 10 property & up, there is an extra bonus page to add standard expenses. This is for expenses that are the same amount every month, such as maintenance fees. Simply enter the monthly amount once & it will automatically populate for all 12 months.
UPGRADE FEATURE: With the Remaining Balance upgrade option, the file will have a place to enter any late fees, and will calculate the monthly balance of rent/fees due, when the rent is not paid in full. This is a great feature if you have a long term/monthly rental.
This video goes over an example file that has the remaining balance upgrade feature. In the basic versions it’s similar but without the extra columns to track late fees and remaining balances:
*Each page is already set to print. The 3 sections within each properties page will print as 3 separate pages for each section. Summary prints on 1 page.