However, it is designed for businesses rather than real estate investors. The Limitations of Xero for Rental Property Accountingįundamentally, this software is excellent for comprehensive accounting. For more information on this, you’ll want to visit the Xero support center. Xero has a comprehensive and customizable reporting feature that allows you to adjust them to better suit your particular needs. Once income and expenses have been logged and assigned to the relevant property you can run reports as well as see important information such as cash flow on your dashboard.Another easy way is to enter the receipt details at the moment you reconcile transactions in Xero. One, if you use Xero Bills you can create a new bill for these expenses, and while reconciling you can match that bill against the bank payment. There are several easy ways to record property-related expenses.You can’t however, split properties into their sub-units which is an important feature for users with Multi-Units. Now you can reconcile transactions and assign that income to the relevant property.There is also an option to enter each property name under this category.

Enter the desired name of your tracking category, for example, Rentals or Properties.

In the Accounting menu, select Advanced.

First, you need to create your account and log in.

To set up Xero for tracking your rental property income and expenses follow these steps: Below we outline a quick step by step guide. Xero offers comprehensive support with many helpful articles written up by their knowledgeable team to help you get set up. This being said, once you’re set up and used to the software it will quickly make your accounting more efficient. Setting up Xero to properly track your income and expenses can be a bit of a challenge as the software itself comes with a steep learning curve when you first begin. How To Set Up Xero For Rental Property Accounting

Xero accounting software tutorial pdf