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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: jmr5x on March 02, 2016, 06:13:13 PM

Title: How to record paying for general labor on a rental
Post by: jmr5x on March 02, 2016, 06:13:13 PM

How do you go about recording a cash payment for general labor such as, delivering an appliance or helping to unload gravel? 

Title: Re: How to record paying for general labor on a rental
Post by: rockeTree on March 03, 2016, 07:05:05 AM

When I managed my own place I just kept a carbon copy receipt book, five bucks at staples, and gave the top to the shoveler and kept the bottom. Don't know how audit solid it would be (never tested by me!) but hard to imagine it being a big deal for the amount of money you're likely talking about.


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Title: How to record paying for general labor on a rental
Post by: arebelspy on March 03, 2016, 11:14:49 AM

Matching bank statement showing you withdrawing the cash couldn't hurt too.  It's really just records for if you get audited.

Title: Re: How to record paying for general labor on a rental
Post by: tonysemail on March 03, 2016, 11:24:39 AM

I created an account at waveapps to separate my rental business transactions from my personal ones in mint.
waveapps caters to small businesses and they generate some useful reports and graphs.

Title: Re: How to record paying for general labor on a rental
Post by: jmr5x on March 07, 2016, 11:58:46 PM

I have a Mint accout, I will check out the wavapps.