Using GnuCash for Rental Properties

[Russell Mercer]

Rob,

I can't honestly say, as I do not use Schedule K-1 in my tax prep.  I also
use tax prep software, so it is a matter of punching in the numbers in the
correct areas.  That being said, as I mentioned before, I have structured my
accounts and expense accounts to easily recreate the numbers that I have to
enter related to rental real estate.  If you need expenses and other values
in a certain structure to provide you with end of year data, GnuCash is
flexible enough that you should be able to create the appropriate account
tree.
I would recommend sitting down with your tax documentation to figure out
what totals you need to be able to enter.  Also make sure to look through
both the help files and the concepts guide for GnuCash, as there are many
examples which, though not directly related, will give you a much better
understanding of how the software works.

Sorry I couldn't be more specific, but I hope this helps.

Russell

On Thu, Jul 7, 2011 at 12:52 PM, RobCaldwell.net <Rob at robcaldwell.net>wrote:

> Russell,****
>
> ** **
>
> With this configuration are able to create K-1’s at the end of the year?**
> **
>
> ** **
>
> Thanks,****
>
> ** **
>
> Rob Caldwell****
>
> ** **
>
> *From:* Russell Mercer [mailto:rmercer206 at gmail.com]
> *Sent:* Wednesday, July 06, 2011 12:40 PM
> *To:* highred
> *Cc:* gnucash-user at gnucash.org
> *Subject:* Re: Using GnuCash for Rental Properties****
>
> ** **
>
> Rob,
>
> There are many different ways to set up GnuCash.  When you create a new
> file, any of the account options that you check, simply create a standard
> list of accounts.  You can then modify these as necessary.  When I set up
> GnuCash, I found that it was easier to simply create my own accounts in the
> account tree, under each of the major types, Income, Expense, Asset,
> Liability.
>
> I use GnuCash to manage all of my financial transactions, including rental
> properties.  I have the real estate broken out into it's own set of account
> groups, as I want to be able to track them separately.  Here is a sample
> account tree that is similar to what I have set up.
>
> Assets
>   Bank Accounts
>     Checking - Property 1
>     Checking - Property 2
>     Savings
>   Investment Property
>     Property 1
>       Initial Purchase
>       Escrow Account
>       Gain/Loss
>     Property 2
>       Initial Purchase
>       Escrow Account
>       Gain/Loss
>
> Expense
>   HOA Fees
>   Insurance
>   Maintenance
>   Management
>   Repairs
>   Taxes
>
> Income
>   Late Fees
>   Non-refundable Deposit
>   Rent
>     Property 1
>     Property 2
>
> Liability
>   Credit Card
>     Business Visa
>   Mortgages
>     Property 1
>     Property 2
>
> I use something like this to track my real estate.  I have a few more
> categories, and obviously that is specific to each person's needs.  You
> could also have an Equity Account, which you would use if you are closing
> your books at the end of each year.  Also, if you are starting to track your
> expenses midway along, you use Equity as the source for your opening
> balances.
>
> I try to keep expenses separate between properties, as it is easier to
> total up that way, the same with income.  The best way has been to either
> have a separate checking account for each property.  If that is not
> feasible, then under Expenses, have a set of expenses for each property,
> thus giving you an easy way to report on them separately, or get a total for
> all expenses.
>
> I go into some detail with mortgages and escrow accounts.  This again
> allows me to break out taxes and insurance paid, if it is escrowed.  I also
> separated out the initial value into a separate sub-account from any gains
> or losses, as I like to be able to see both bits of information without
> opening up an account register to look.
>
> Thinking about it now, I am pretty sure I tried to match my Expense account
> entries to the entries for the Rental Real Estate Tax forms for the USA.
> Not sure where you are, so these may not apply, though they are pretty
> generic.
>
> Hope this helps.
>
> Russell****
>
> On Wed, Jul 6, 2011 at 9:08 AM, highred <rob at robcaldwell.net> wrote:****
>
> Anyone?
>
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