I retired from personal blogging in July 2008.
But you can find me over at http://blog.xero.com.
Posted by Rod in Xero at 8:50 pm on Thursday, 13 March 2008
A great way to get started with Xero is to catch up on your rental properties.
Accounting for investment properties - simple, easy, efficient
It’s pretty cool …
- Read some of the benefits to Property Investors and check out the Property Investor Guide.
- Sign up to Xero
- Go through the setup process and upload the Property Investors Chart of Accounts to get started quickly.
- Now the cool stuff. Download your investment property bank statements from your online banking system back to April 1 2007 (Use OFX or one of the other formats). Then upload them to Xero. You’ll probably have a few hundred lines to go through.
- Then as you look through them you’ll notice the regular rental payments. Use our Repeating Invoices to enter those regular rent payments once back from April 2007. This will create a Rent Schedule for all of your properties back dated to the beginning of the year.
- Then you can use the learning Bank Reconciliation to mark off all the transactions. Once you have done the first month many of the items will automatically match up. Within a few hours you’ll be completely up to date. (Watch a video here).
- Whenever rent is due, the Repeating Invoice creates a new transaction so you can see immediately if anyone is late paying rents.
Give it a try. It’s a great way to see the power of Xero and will save you hours of trying sort out your rental property at year end.
Also, Hamish Carter is in Christchurch on Monday showing Xero.
Introduction to Xero session with Hamish Carter and Grant Cartwright
Monday 17th March 2008, 10:00am – 11:30am
Xero, Level 2, Te Waipounamu House, 158 Hereford St, Christchurch.
RSVP to: Grant Cartwright or ph: 021 822 245
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Rod you are a rockstar. I’ve already told my accountant about you, time to tell her again I think!