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Quickbooks or Excel Spreadsheet?


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Hi,

 

I am currently using a pretty standard spreadsheet to log my expenses and income but was wondering if there is a better way of keeping records? I want to see if I can do my own tax returns (save some money) and want to make sure that my bookkeeping is watertight. Also, my day job is majorly time consuming, so saved time is always a bonus. I looked online and a lot of people seem to think quickbooks or something like that may be a good investment. 

 

What I would like to know is what do the landlords on this site use for bookkeeping etc? Any tips or tricks of the trade would be greatly appreciated.

 

Thanks in advance.

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Thanks Rob,

 

I don't have a large portfolio (yet) so I think a spreadsheet it will be for now. Do you perhaps know where I could get a decent template of one? I want to avoid making a major mistake because I used one that was sub standard.

 

Cheers

 

PS, love your guys podcasts and this site, it has made my learning curve a lot less steep!

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Rob,

 

I just had a look at Xero, it looks pretty good. I am going to have a chat with my accountant and then I might go for it. I like the idea of being able to add receipts on the go and also the capturing of all the expenses through my bank account would be useful. I have missed some expenses in the past using just the spreadsheet method. And this is tax deductible so it seems like a win win scenario. Thanks for steering me onto it.

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Forget software that is kept in the cloud as what do you do when internet is down. A simple excel spreadsheet will do. I've attached one I get from an accountant last year and the totals are the same as tax return. Easy to complete and a new tab for each property which adds it up on front sheet

Property Accounts Tax Template.xlsx

Regards Simon

Searchlight Finance Ltd

T:01565 654005

 

Landlord and specialist property finance advisor only dealing with investors, landlords and developers throughout the UK and beyond.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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Forget software that is kept in the cloud as what do you do when internet is down. A simple excel spreadsheet will do. I've attached one I get from an accountant last year and the totals are the same as tax return. Easy to complete and a new tab for each property which adds it up on front sheet

 

Simon - where is the spreadsheet attached as it sounds like a useful asset and will save me doing my own?

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Simon - where is the spreadsheet attached as it sounds like a useful asset and will save me doing my own?

It's in the middle of my post

Regards Simon

Searchlight Finance Ltd

T:01565 654005

 

Landlord and specialist property finance advisor only dealing with investors, landlords and developers throughout the UK and beyond.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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Hi Simon,

 

I tried to get back to you sooner but I had problems logging in. Thanks for the advice and the spreadsheet, I have been trying to download it but keep getting errors so will try again later.

 

I'll let you how I get on. 

 

Thanks again.

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Forget software that is kept in the cloud as what do you do when internet is down. A simple excel spreadsheet will do. I've attached one I get from an accountant last year and the totals are the same as tax return. Easy to complete and a new tab for each property which adds it up on front sheet

Thanks for template-  Its better than mine so have changed over :)

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  • 3 weeks later...

Cheers simon - Great Spreadsheet. I tried to use a couple of property software packages - but I agree this spreadsheet + dropbox should be all you require to keep your house in order - thanks again

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The Manchester Meetup takes place on the first Thursday of every month, find out more here

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Regards Simon

Searchlight Finance Ltd

T:01565 654005

 

Landlord and specialist property finance advisor only dealing with investors, landlords and developers throughout the UK and beyond.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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Can the internet ever really be considered 'down' anymore?  ;)  Suppose if you're travelling abroad and not wanting to use data, or if you spend lots of time in areas with patchy coverage that's a good reason for an offline solution.

 

Personally I have a spreadsheet on Google Docs, that access on my PC and smartphone to make updates on the fly while never having to worry about which version I've updated and sending the new one to my other devices :) .  I reckon I'll stick with it until I have up to 10 properties... time will tell.

"buy land, they aren't making it anymore" - Mark Twain

 

My property goal: build a £5m investment property portfolio by 2025

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Sounds good Mark. 

Regards Simon

Searchlight Finance Ltd

T:01565 654005

 

Landlord and specialist property finance advisor only dealing with investors, landlords and developers throughout the UK and beyond.

Buy to Let - Commercial Finance - Bridging Loans - Development Finance - HMO Finance - Refurbishment Loans - Multi Let - Limited Company - Student Lets - Portfolio Finance

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