Hi everyone,
Does anyone know of any good programs, software or apps I can use that will monitor and help manage my income, expenditure, assets, liabilities, bills and cash flow etc?
I am in the process of acquiring my 3rd IP and need some sort of program where I can punch in the numbers so that it tells me exactly where I am financially. I currently use an excel spreadsheet and manually input the data. I need something more sophisticated as my asset base grows.
I have heard of PIA software however my understanding of this is that is only shows you how your properties are performing not an over all financial position.
Any recommendations would be appreciated.
Cheers.
I would upgrade your excel documents, I currently have an excel document i made myself which i updated bit my bit, it pretty much has every part of my life to do with money in it. Also makes it less complicated because I've added what I've needed.
Income sheet – Salary, rent & misc cash
Spending sheet – Bills, food, alcohol, health car, investment property etc
Investment Sheet – Property details, rent paid/owed/total etc
Tax Sheet – Costs for property including interest, insurance, repairs, improvement, water/council fees, court fee etc
All of these are merged into a Summary Sheet – Tells me my Income & spending figures, averages and difference per month. Also property start date, YTD cost, income and difference,
The equations are very simple when you know how to do them (I just googled)
Hi Josef
I am with Ryan and use Excel with a few personal modifications.
I am now Excel expert so with 40 properties it is a matter of designing simple to use but accurate in it's report and for it works well. I am sure some of more IT related forumites will tell you there are the odd program doing the rounds but i am quite happy.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with the other guys – excel all the way.
Just set up a sheet for each IP with expenses captured on one side and income captured on the other. The total expenses and income from each IP can then feed into a summary page that shows your total expenses and income.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Gents,
Any way your Excel spreadsheets could be shared in this forum?
Cheers
Michael
Josef wrote:I have heard of PIA software however my understanding of this is that is only shows you how your properties are performing not an over all financial position.
Hi Josef,
PIA is used for analysing cashflow of an individual property inclusive of tax deductions (where relevant). It is also possible to input some details related to depreciation of plant and equipment.
It is also possible to project capital growth rates (based on your inputs).
On top of this PIA can also do portfolio assessments in terms of cashflow (inc of tax deductions) and overall asset growth.
PIA certainly is not a tool for monitoring overall cashflow.
Excel is good.
its best to set up your own excel spreadys because each person has taylored (esp Richard) their own spreadsheets to their own needs.
Also a good way to learn about property and tax – and excel.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks guys for your input in this. I really appreciate it. I will bite the bullet and get my non existent excel skills up to scratch
THANKS AGAIN!
first figure out a layout without any calculations just the figures not do anything fancy just get it on the sheet. Then play around with it.
Example TAX
2012/13 Interest Insurance Repairs Improvements Cleaning Transport Water/Council Court Fee's Other
July $
August $
September
October
November
December
January
February
March
April
May
June
Total: $1000 $1000 $1000 $1000
Full total: $4000
Total cell needs to have =SUM(C3:C14) but change the number and letter to what ever cell numbers yours are in
Full total =SUM(C16:K16) adds totals from left to right
Want to add individual cells: =SUM(C83,C78,C73,C68,C60,C52,C45,C39,C31,C24,C17,C8)
I ended up changing layouts many many times are thing i have it perfect for my situation and easyness to read.
Pull a figures from another sheet ='2012 Income'!H8
2012 income is the name of the sheet and h8 is the cell
Me too.. I also use Excel for my property calculations and tracking. I also tailored my own spreadsheets to my own style and I prefer it that way. tried other programs before but they were too rigid!
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