Rental property: income and expenses

Eddy M
Eddy M Member
edited November 2021 in Managing your Transactions
I can't find an article with help on how to best categorize rental income and rental expense.
For the income, I ha created a category just for it, but the income shows up as "other."
I just moved the "rental income" to be a sub category in personal income.
Would that be better?
If so, what do I now do with rental expenses?

Best Answer

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Answer ✓
    Hello @Eddy M,

    Thanks for posting your inquiry to the Community!

    Hopefully other Users come along with some great advice for you on how they've best handled their rental property income and expenses in Simplifi, however, in the meantime, I would definitely suggest creating custom Categories for this. You can either create Subcategories under existing Categories, or you can create your own distinct Categories for these items -- totally up to you!

    If you create your own distinct Categories, you can always create an Income Category for "Rental Income" and an Expense Category for "Rental Expenses", and then you can place Subcategories under those, such as "Rent Payments", "Maintenance Costs", "Property Taxes", "Reimbursements", etc. That way, if you're running a Spending Report to determine just your rental property costs, or certain aspects of them, etc., these items can be easily narrowed down and not mixed in with your regular income and expenses. 

    More details on creating and using Categories in Simplifi can be found here and here, but please be sure to let me know if you have any further questions! :smile:

    -Coach Natalie
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