I am switching over from quick books to tiller and would like to manage my renal properties in tiller. So far I have the addresses as groups and the categories are income and expenses or transfers. Anyone have additional thoughts?
Are the rentals solely owned? Do you have the need or desire to run P&L’s by property address? Are all the properties being accounted for in the same bank account? Are all the addresses in one or multiple SMLLC’s? The Tiller Simple Business add-on allows you to run P&L reports and you can do it by account. Based on your answers, running reports by account might be beneficial. If it were me, I would want to see P&L reports by legal entity, at a minimum for tax purposes. In the Feedbot version Tags would be helpful in breaking out activities by address but the way they changed Tags in the Feeds version it will not be that helpful. I do not have rentals but this is what comes to mind based on what I know about Tiller. Good luck.
Thank you Blake for your response. The rentals are owned solely. and I run P&L’s by each addresses. Each one is in the same bank account. I don’t know what SMLLC is. I am also not familiar with Feedbot version or tags. I will look that up.
There are a couple ways to leverage Tags in Tiller spreadsheets (Feedbot vs Feeds doesn’t matter with Tags cc @blake)
We just today transitioned the Tags Report to being delivered via the Tiller Labs add-on.
Typically, for rental property tracking I recommend that you have a group for each property and then create a unique set of Categories with an identifying pre-fix per property, especially if you want/need to budget for the expenses.
123 Magnolia St.
123-Magnolia Repairs (expense)
123-Magnolia Maintenance (expense)
123-Magnolia Rent (income)
You could also use the Tags in Transactions to add a layer of granularity, but the P&L only reports on the Type (income/expense), Group, and Category level.
You can find the P&L under Add-ons > Tiller > Business > Generate Reports in the Tiller add-on after you run “Start”
You might also find the Category Rollup report useful under Add-ons > Tiller > Other Tools > Category Rollup
You can also add Tags to the Categories sheet if you want all transactions for a specific category to be tagged a certain way and this is especially useful for tax reporting in combo with the Category Rollup report (as that report will allow you to run a detailed transaction report on only Tax relevant categories).
@heather, thanks for bringing the Tags sheet over from the old platform to the new platform. Question - How do you run a P&L report by property address (group) when the only option I see is by account? I must be missing something. @Sammys, SMLLC is single member limited liability company. Are you using zero, one, or multiple SMLLC’s? How are you running your Tiller P&L by property? Check out that new Tags tab, I like it. Thanks, Blake
Are you looking to report on categories by month pivoted on the category group, @blake?
I am not talking about a pivot table.
I assumed your were talking about formula-driven reporting. I was using the word “pivot” to mean grouped by. Are you looking for a report that shows category groups, then totals for each category (filtered by month)?
I am not looking for anything but was merely asking how to run the P&L report by rental address group. Thanks, Blake
@Sammys - Did the tags information help you come up with a solution? Having each property be its own separate tag might be the best solution.
@Blake - Thanks for helping out. Regarding the P&L report, as you might be guessed, that report is automatically generated via a script. As far as I can tell, it is all hard-coded to use Categories. There doesn’t appear to be a way to run it with Groups instead of Categories.
That’s right, @jonorlin. As built the P&L report does not use groups.
It’s a medium size project to rework it to include groups, so that is a possibility if there is enough interest…