Budgets GetReal has many features useful to a property investor.
Apart from the automatic importing and categorisation that Budgets GetReal offers for all users, there are specific features that property investors can use to simplify their record keeping and and help them manage their property or properties.
Single or multiple residential properties.
Whilst you do not have to be registered for GST, if you own multiple properties, the Business Pack may be more useful then the Personal Version.
The Business Pack will offer you more advanced reporting, balance sheet and filtering which will enhance your ability to monitor the performance of your properties. It will also help you with decision making e.g. to separate different properties for a profit and loss report you need the Business Pack features.
Both versions allow the recording of transactions related to one property or to multiple different properties, using different job codes. Thus you can separate different properties by a Job Code, even if all the transactions are in the same bank account.
Searching by job code will also reveal any property related transactions that may be on a credit card, or that may have been paid by cash e.g. keys cut or other minor expenses. It will also separate transactions that are admixed in accounts with your personal transactions.
Categorising your agents statement
If you are managing a property yourself, most expenses will be directly assigned to a single category. This will normally occur automatically on import.
If you are using an agent, you can categorise and record all the transactions on you monthly statement, using multiple categories. Whilst your bank statement will only show a credited amount, you will need to record all the related transactions for taxation purposes.
A sample of the monthly details from an investment property is below.
At the end of the year, you can search for the financial year period and identify all the expenses and income from your property.
By recording all transactions associated with any property or properties that you own, you have a complete electronic record of all transactions at your finger tips. including transactions associated with any improvements, renovations or replacement of appliances. This is necessary to claim the maximum depreciation that you can, and to avoid paying unnecessary capital gains tax when you sell your property.
The budgeting features are very useful in planning any renovations or improvements that you may be considering.
Inbuilt reminders are another helpful feature to ensure that you comply with such requirements as giving enough notice to tenants about lease renewals, especially if you are managing your own properties. For details see Using Reminders
Commercial, industrial and retail properties.
If you are registered for GST (which applies to the above properties), Budgets GetReal offers an easy way to do your own BAS and save on accounting or bookkeeping costs. GST codes are only available with the Business Pack.
You can separate the GST related transactions from ones unassociated with GST (such as a residential property), even in the one property bank account.
You have the inbuilt filtering and reporting tools with the Business Pack to compare the profitability of different properties, if you are contemplating buying or selling.
