The quick read
Key points
- Use names and records that identify the account and its purpose.
- A transfer between tracked accounts is not new rental income.
- Check ownership and legal requirements with your advisers.
Identify the records you will track
List the financial accounts used for your rentals, their owners and the period available for import. Consistent account names help distinguish a rental operating account, card, reserve account and personal account. Keep source statements available for each tracked account.
Separate personal and rental activity
Review mixed-use statements carefully before importing or booking them. Choose the appropriate owner contribution, distribution or other workflow when relevant instead of categorizing personal activity as an operating cost. Ask your accountant to review uncertain arrangements.
Record transfers once
A movement between two tracked accounts belongs to the transfer workflow. Check both statement lines and existing entries so importing each side does not create income or expense twice. The transfer changes where money is recorded, rather than creating another rent receipt.
Review boundaries before setup
A portfolio is a set of books, and property assignments provide context within it. Discuss entity ownership, separate banking, deposit handling and any required accounts with the appropriate professional. This article explains record organization, not the legal accounts your business must maintain.
Common questions
Must every property have its own bank account?
The right arrangement depends on ownership, operational needs and applicable requirements. Get advice for your situation; the app does not determine that requirement.
Can I import without a live bank connection?
Yes. Supported statement files can be uploaded without enabling bank linking.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.