Bookkeeping Services For Long Term Rental Owners
Simple, clean rental bookkeeping. No more spreadsheet chaos. Books make sense now.
Why Accurate Bookkeeping Matters for Long Term Rental Owners
Financial Clarity and decision making
It gives you a precise view of cash flow, profitability, and where capital is going so you can strategize confidently rather than guess.
Tax readiness and compliance
Ensuring that flipping income is accurately reported for Schedule C accuracy, clean books reduce audit risk and ensure deductions aren’t missed.
Compliance and investor trust
Meticulous bookkeeping helps you stay compliant, clear, and credible to partners, lenders and creditors.
Security deposit & PITI Escrow
Keep track of security deposit liabilities for money collected from tenants in security deposit accounts. Keep track of all PITI Escrow funds.
Core Services
✔️ All Inclusive Income & Expense Tracking
Track rent, late fees, utilities, property taxes, and additional tenant charges
✔️ HUD/ALTA/Closing Disclosure Settlement
Accurately record each entry on all acquisitions and dispositions
✔️ Conventional, hard money and creative finance tracking
Keep meticulous records for all loans including draws, interest and points
✔️ CapEx vs. OpEx
Separate routine maintenance from long term improvements for accurate taxes
✔️ Property Level Profit Tracking
See how each rental property performs for clear visibility into P&L per unit
✔️ Record and Reconcile all Bank and Credit Card Accounts
We will track every transaction on your business bank and credit cards
How It Works
Step 1: Connect all accounts
We will help you connect all business bank accounts and credit cards. We will manually track all loans and creative financing.
Step 2: Categorize transactions weekly
We will enter your QuickBooks account on a weekly basis to clear the bank feed. We will ask questions while information is fresh.
Step 3: Reconcile
We will review every bank, credit card, loan, and escrow account to ensure the balances match QuickBooks.
Step 4: Report monthly
We reconcile your accounts monthly. By the 10th business day of the month, you will receive updated Profit & Loss and Balance Sheet.
Heavy Hitting Testimonials
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“Several months of heartache for us solved! Cameron specializes in real estate bookkeeping. He's a gem!”
Geoff Husa
Real Estate Investor
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![A woman with curly red hair wearing a black blazer and a dark teal top, smiling slightly against a plain background.]()
“I highly recommend Cameron for any accounting needs you may have. Plan to transition to his firm.”
Christine Monteith White
Real Estate Investor
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![A smiling person in a dark suit jacket, dark green shirt, and patterned green tie standing in front of a blurred background with green lights.]()
“I struggled to find time to balance my receipts, but Cameron was able to find me relief.”
Jeffrey Tam
Business Owner
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![Close-up of a man with curly hair, wearing glasses, a black and white checkered shirt, and a black blazer, looking slightly to the side against a light textured wall background.]()
“I recommend Cameron to friends and family without hesitation. Knowledgable in everything bookkeeping.”
Kendrick Gomez
Business Owner
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Download Our Free Guide For Long Term Rental Owners Who Reposition
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Long Term Rental Owner Bookkeeping FAQs
1: How do you track rent deposits?
All rental deposits will be tracked when your bank accounts are connected to QuickBooks Online Bank Feed. As the deposits come in from your tenant software or Property Manager, we will record them as rental income to ensure they are captured correctly.
2: What counts as CapEx vs. OpEx?
We follow IRS de minimis safe harbor: items under $2,500 (or $5,000 with audited financials) are expensed (OpEx). Larger transactions are evaluated to determine if they’re CapEx or deductible repairs.
Anything above these amounts or anything that doesn’t meet the rules, must be evaluated under standard IRS criteria for capitalization versus repair/maintenance.
We will follow all guidelines put forth by the CPA or tax professional.
3: Can you allocate costs across multiple properties?
Yes, we can allocate transactions in general accounts to the property they belong to.
We recommend that you maintain separate bank accounts specifically for each established Rental Property LLC to ensure that you maximize your limited liability protections.
4: Do you handle portfolio loans across units?
Absolutely. We will create the full portfolio loan liability on the Balance Sheet and attribute portions of the loan using Location/Customer tracking. We will pay down the loan we will allocate payments and interest expenses to the appropriate property.
5: How do you prep year-end for my CPA?
If you opt for a higher tiered package, we will proactively connect with your tax professional.
If you have an extended tax return due, we will connect with your tax professional in July and August to ensure the return is ready.
We will connect with your tax professional again in October to ensure that your tax professional has all they need to get ready for the following year.
At year-end, we will do the following:
Provide temporary access to the Secure Client Portal
Provide updated Profit & Loss statement for each business entity
Provide updated Profit & Loss statement for each rental property
Provide updated Balance Sheet for each business entity
Provide updated Balance Sheet for each rental property
Process any adjusting journal entries requested by the tax professional
Provide updated General Ledgers
6: Do you book HUD, Closing Disclosure, and ALTA statements?
Yes, we will ask for all of your property statements and go line by line to ensure that we accurately record each asset acquisition, rehab cost, holding cost, closing cost, and disposition.
We will work with your tax professional or review the Asset Schedules to ensure that the Land, Buildings, Closing Costs, and CapEx amounts are clearly separated.
We will capture any loan financing costs for origination of loans on the balance sheet to property amortize over the life of the loan.
7: How do you handle rental deals purchased using hard money loans?
We will ask you to provide us to view-only access to the lender’s portal in order to retrieve all origination, finance and statement documents pertaining to the loan. If you cannot provide view-only access, we will request statements each month in order to capitalize all appropriate loan costs.
8: How do you track expenses and ROI for long term repositions?
We allocate reposition, maintenance, and depreciation cost per property and compare it to long term rental income to provide accurate ROI and profit analytics.
9: If I have a Cost Segregation Study (“Cost Segs”), will you help me record it in my bookkeeping?
Yes, we will have this item on your onboarding checklist. We will ask for your Cost Segs study so we can ensure that it is accurately reflected in your bookkeeping records and Chart of Accounts. We separate each item into it’s appropriate capital expenditure (CapEx) account based on depreciation schedules. We will work with your tax professional to ensure that it’s accurately reflected for tax planning purposes.
10: Do you separate long term rental (LTR) vs short term rental (STR) income and expenses?
We recommend keeping long term rentals (LTRs) and short term rentals (STRs) in separate bookkeeping categories. During onboarding, we’ll integrate all of your business entities and rental assets into QuickBooks Online to accurately track your rental portfolio.
Under IRS rules, income from short term rentals (STR) is typically considered active income when you materially participate in the rental activities.
In contrast, income from long term rentals (LTR) is generally classified as passive income, unless you're a real estate professional, and subject to passive activity rules.
That distinction is crucial because the IRS often limits deductions for passive activities, but active STR income allows for full deduction of losses when you've met the participation criteria.
Keeping these income sources separate in your bookkeeping is essential for accurate financials and tax preparation.
We will guide you through structuring your QuickBooks Online setup with clarity to ensure your rental portfolio is tracked properly and confidently.
11: Do you handle bookkeeping for 1031 Exchanges in rental portfolios?
Yes, we specialize in structuring your QuickBooks Online so that 1031 Exchanges are accurately tracked and compliant.
We will record your HUD or Closing Disclosure to record the relinquished asset. We will follow your 1031 Exchange Escrow documents property record the deferred gain in a 1031 Exchange Escrow account on your QuickBooks Online.