Residential Rental Business Bookkeeping
Customized Chart of Accounts | Rent Payment Tracking Expense Categorization | Monthly Reporting
CLIENT BACKGROUND
My client owns five long-term residential rental units spread across two apartment buildings. Rent collection was steady, but the client was struggling to keep financial records accurate and organized. They wanted a clear picture of each property’s profitability and reliable books for tax reporting.
THE CHALLENGES
Unclear Income Tracking – Rent payments were coming in via bank transfer, checks, and cash, making it difficult to track who paid on time.
Scattered Expenses – Utility bills, property taxes, insurance, and maintenance costs were not categorized, leading to confusion at year-end.
No Profit Visibility – The client couldn’t easily compare revenue versus expenses per property.
Tax-Time Stress – Preparing information for their CPA each year took weeks and often involved missing receipts.
BOOKKEEPING APPROACH
Customized Chart of Accounts: Set up accounts to track rental income, repairs, utilities, property management fees, insurance, mortgage interest, and property taxes.
Rent Payment Tracking: Created a system to log each tenant’s payments, track late payments, and reconcile deposits with bank statements.
Expense Categorization: Gathered all receipts and bills, organized them digitally, and coded them monthly.
Monthly Reporting: Prepared property-specific profit and loss statements and a consolidated report for the whole rental portfolio.
THE RESULTS
Full Visibility: The client now sees net profit for each property and can spot high-cost units easily.
Better Cash Flow Management: Clear rent tracking helped reduce late payments and improved budgeting.
Time Savings: No more scrambling during tax season—books are always up to date.
Informed Decisions: With accurate reports, the client was able to plan for renovations and evaluate whether to acquire another rental unit.
KEY TAKEAWAYS
Organized bookkeeping turns rental properties from a paperwork headache into a clear, profitable investment portfolio.
CLIENT TESTIMONIAL
“Managing five rental units was overwhelming. I never knew if I was really making money after all the expenses. Bookkeeping always piled up, and tax season was a nightmare. Since working with METCB, everything has changed. I get clear monthly reports, my rent payments are tracked, and I can finally see which properties are most profitable. Elgin taken the stress out of bookkeeping and given me the confidence to grow my rental business.” — Robert R., Residential Property Owner
If this is you, let’s chat!
You want financial clarity and peace of mind.
You’re tired of feeling behind on your books.
You want to focus on growing your business, not tracking receipts.
You want organized, tax-ready books.
You want clear understanding of your monthly cash flow.
You’re craving support, not judgment.