Balance Sheet for Rental Property Business

I’m new to Tiller, so forgive me if this has been answered before (I did search first, btw.)

Has anyone created a ‘Balance Sheet’ template for a small Rental/Property Management business? Ideally it would include the big 3 reports – P&L, Balance Sheet, and Cash Flow. Property Management is a bit simpler – at least for my 2 properties, which I self-manage via my LLC. I do not need many things normally found on a Balance Sheet (i.e. A/R, Inventory, COGS, Goodwill, A/P, etc). All the templates I’ve found have all been confusing or overkill, which led me here to Tiller. Thank you!

Welcome, @KirkO :wave: !

I’d recommend checking out this post from @blake

It might not exactly fit what you’re looking for, but will probably give you a starting point.

https://community.tillerhq.com/t/balance-sheet-for-my-cpa/438/6?u=heather

You will probably also need to add some manual accounts if you haven’t already:

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After reading above. Would you recommend not mixing property rentals & Home sheets? I have been using two excel sheets for years and just transfer over one number for rental income for budgeting. This is because the rental income is not always the same and the managers pay all the expenses before i get the income. It would make too much of a mess on one sheet right? do i just use one for home and one for rentals?

Thank you for this question. It did not dawn on me that I could make a second spreadsheet using different accounts from the Tiller Feed. I have all my property transactions bundled with my home transactions and it is indeed a mess. The income metrics are meaningless because they include incoming rents as pure income, before subtracting expenses.

The only down side is that the Net Worth calculation will be split across two spreadsheets, unless you manually maintain property equity in the home spreadsheet.

Now I need to stop drawing on the property accounts for personal expenses, but that’s a different problem. :laughing:

did you just create another tab or just duplicate the entire worksheet or start with a fresh sheet??

What I do is have a separate sheet for each purpose which uses a subset of all my accounts, relevant to each individual section (Personal, Rental Properties, Business, Condo Trust), and then a master Net Worth sheet which pulls them all together. The Categories set up is different in each sheet since the purposes are so different and I have a different structure in each. This does require you to have transactions flowing through different accounts to be able to direct them to the correct sheet. If you have everything flowing through the same account you will need a different solution – but I’d recommend running the property transactions cleanly through a separate bank account and credit card so you can set it up more cleanly going forward (and then you can copy over the historical transactions).

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I started with a fresh sheet the same way I made the first one, on the tillerhq main accounts page at the top, where you choose whether to create a new Google Doc or a new Excel doc from the template.

Thank you for the information!!!