C. N. Parrish wrote:
"I need to set up several files for some rental properties I own." Acutally, you only need to use one file (one workbook, with one sheet for each rental property).
And, to run your rentals as a true business, don't forget to enter depreciation, property taxes, federal and state income taxes, insurance premiums, mortgage payments, interest lost (not obtained) on your property down payment, office expenses (cost of your time devoted to taking care of your business, paperwork, offices supplies, a proportionate shate of your utilities, telephone bills, etc.), car expense due to your business, etc. In a well-run business, you would also have to include putting aside an estimated monthly or yearly amount for maintenance. Also, consider the possible cost of any bookkeeper, CPA, or auditor you may find necessary to employ.
While many of the above expenses may seem trivial and of no consequence at first thought, once you factor them in, they usually turn out to be much more substantial and important to consider.
I'm sure someone with more experience will add a few more expenses to include.
