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Landlord Bookkeeping Basics

When you register a new QuickFile account, under “Business Type” you will see an option for Landlords:

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This option is suitable for any private landlord (non-incorporated) with one or more rental properties. We will create your new account with a set of nominal codes suited for property management. This will include codes to cover such things as rent payments, surcharges, late payment charges and tenant deposits.

The Landlord Dashboard

For Landlord accounts you will also have access to a dedicated dashboard where you can enter the details of your rental properties, tenants and recurring rent demands.

The landlord dashboard makes it much easier to manage the underlying accounting records. It can be helpful to understand the relationship as follows:

Property - Each property creates a project tag, meaning that all rental income and expenditure can be assigned to a specific property. This allows you to create income / expense reports on a per-property basis.

Tenant - Each tenant creates a client record in QuickFile. Within the landlord dashboard you will be able to specify the tenancy start and end dates, along with any deposit paid. If you go into the underlying client record you will have more options to attach documents, setup Direct Debits and review payments.

Rent Demand - When you enter a recurring rent demand in the landlord dashboard we will create a recurring invoice template. This will automatically produce an invoice in accordance with your rent schedule (e.g. every month). When your tenant pays the rent you can then attach the payment to this invoice.

Bookkeeping Tips for Landlords

Once you’ve entered your properties, tenants and rent demands here are a few tips that should help you on your way.

1. Link your bank account

Although not essential if you link your bank account to QuickFile, we’ll automatically import your bank transactions every 24 hours. This makes it easier to track inbound rent payments and tag any qualifying expense items. We would generally recommend that you delete any non-property related bank entries.

2. Tag your tenant deposits

When your tenant pays a deposit to you, this should be tagged to the appropriate nominal code. From your bank statement view you can tag as “Something else not on the list” and then post it directly to the Rent Deposit nominal (0151).

3. Tag any qualifying expenses

As a landlord you can offset repairs and maintenance costs, providing it is not a capital improvement. For any such qualifying expenses you can tag these items directly from your bank statement view and select the option “Payment to a supplier”. You can then input the details for your purchase and later attach a receipt.

4. Review your Tax position

QuickFile can make a basic Tax calculation based on the financial data you have entered into your account. This report can be found under the Reports menu by clicking on the “Tax Summary” option.

Please note: The Tax Summary is for guidance purposes only and your final Tax calculation should take into account all income sources.