RENTAL INCOME TRACKER VIDEO TUTORIAL
The Rental Income Tracker is used to track the Income that is generated from your rental property.
For the most part, your main source of income will be the monthly rental income that you receive from your tenants for leasing your property, but you can also track all of your other miscellaneous income such as application fees, interest income, vending or laundry income, and your final resale income when you sell the property in the future.
The first column on the income tracker is the date the income was received. It’s important to input the date information, so you can calculate the income received in any given year.
Once you input the date, you can input a brief description or memo of the income that was received…in this instance, we just put a short note that the income was rental income from tenant Jacob Palmer.
Next you can select the Income Type or Category from the dropdown menu, which will help you organize your income into separate income categories.
There is a list of common income categories listed in the dropdown menu, but you can change these categories on the Category Setup Sheet.
Once you setup the Category, you can setup the Unit and Tenant information.
If your property is a multi-family property that has multiple units, you can track your income by each individual unit on the property.
Or you can track your income by each individual tenant that is living in the property if they have separate leases.
Once you select your Income Category & setup the Unit & tenant information, you can input the quantity and the amount.
The quantity will be typically be the number 1, because you are typically receiving one income payment, but it you received multiple income payments you could input the number of payments in the quantity column.
The amount column is the amount of the income received. Once you input the quantity and amount, the quantity is multiplied by the amount to calculate the Total Amount.
The Total Income received is tracked at the top of the income tracker.
The Income tracker has some other cool features that allow you to sort /filter the information as well. Along the table header, you will notice there is a dropdown arrow. This dropdown menu allows you to sort an filter your income data by date, by income category, by unit or tenant.
To sort you income by date, simply click the drop down arrow in the date column, which will give you options to reorder the income items by date or allow you to sort the income data by a date range.
You can also sort by income category and unit, so if you wanted to review all of your Rental Income received from Unit 1 in 2017 you could sort the Income Tracker to show that information.
So right now we are only showing rental income received from Unit 1 in 2017.
All of the information inputted in to the income tracker feeds to the Income Statements & Income Reports, so you can organize this information and provide it for your accountant for your annual taxes.
For the most part, your main source of income will be the monthly rental income that you receive from your tenants for leasing your property, but you can also track all of your other miscellaneous income such as application fees, interest income, vending or laundry income, and your final resale income when you sell the property in the future.
The first column on the income tracker is the date the income was received. It’s important to input the date information, so you can calculate the income received in any given year.
Once you input the date, you can input a brief description or memo of the income that was received…in this instance, we just put a short note that the income was rental income from tenant Jacob Palmer.
Next you can select the Income Type or Category from the dropdown menu, which will help you organize your income into separate income categories.
There is a list of common income categories listed in the dropdown menu, but you can change these categories on the Category Setup Sheet.
Once you setup the Category, you can setup the Unit and Tenant information.
If your property is a multi-family property that has multiple units, you can track your income by each individual unit on the property.
Or you can track your income by each individual tenant that is living in the property if they have separate leases.
Once you select your Income Category & setup the Unit & tenant information, you can input the quantity and the amount.
The quantity will be typically be the number 1, because you are typically receiving one income payment, but it you received multiple income payments you could input the number of payments in the quantity column.
The amount column is the amount of the income received. Once you input the quantity and amount, the quantity is multiplied by the amount to calculate the Total Amount.
The Total Income received is tracked at the top of the income tracker.
The Income tracker has some other cool features that allow you to sort /filter the information as well. Along the table header, you will notice there is a dropdown arrow. This dropdown menu allows you to sort an filter your income data by date, by income category, by unit or tenant.
To sort you income by date, simply click the drop down arrow in the date column, which will give you options to reorder the income items by date or allow you to sort the income data by a date range.
You can also sort by income category and unit, so if you wanted to review all of your Rental Income received from Unit 1 in 2017 you could sort the Income Tracker to show that information.
So right now we are only showing rental income received from Unit 1 in 2017.
All of the information inputted in to the income tracker feeds to the Income Statements & Income Reports, so you can organize this information and provide it for your accountant for your annual taxes.
