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What reports should landlords review each month?

The rent roll comes first. This shows every unit, current tenant, lease terms, rent amount, what’s been paid, and what’s outstanding. Review it at the start of each month to see who paid on time, who’s late, and how late. A tenant who’s 5 days late once is different from one who’s been 10+ days late three months running. The pattern matters more than any single late payment.

After the rent roll, look at your profit and loss statement. If you own multiple properties, you need this broken out by property, not just a combined total. A portfolio that’s profitable overall can hide an individual property that’s losing money every month. Seeing each property’s income minus expenses tells you which ones are actually working and which are dragging down your returns.

Watch your expense categories for anything unusual. Repairs spiking on one property might signal deferred maintenance catching up or a problem tenant causing damage. Utility costs jumping could mean a vacant unit left with heat running or a leak you don’t know about. These are the kinds of issues real estate investors catch early when they’re reviewing financials monthly instead of once a year at tax time.

Accounts receivable aging shows how old your unpaid balances are. Current versus 30 days versus 60+ days matters for collection strategy. A tenant 60 days behind is a different conversation than one who’s 10 days late. This report tells you where to focus your collection efforts and which situations might be heading toward eviction.

Your bank reconciliation confirms actual cash position. Accrual-based reports might show rent as income when it’s billed, not when it’s received. The bank balance tells you what you actually have to work with for mortgage payments, repairs, and distributions.

If you’re managing properties yourself, reviewing these reports monthly keeps you connected to the financial reality of your investment. If you use a property manager, request these reports and actually look at them. Many owners get monthly statements and file them without reading. That’s how small problems become expensive ones.

Working with bookkeeping services in Santa Fe NM that understand rental properties helps ensure your reports are structured the way landlords need them. Generic bookkeeping tracks income and expenses but might not break out results by property or track security deposit liabilities correctly. The goal is reports that answer the questions you actually ask: Is this property making money? Which tenants are behind? What’s my real cash position after all obligations?

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More Questions

How do I calculate cost per mile for my trucking business?

Add up every expense tied to running your truck and divide by total miles driven. The challenge is capturing all costs, not just the obvious ones like fuel and maintenance.

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How do I prepare my trucking books for tax season?

Start by reconciling all accounts through year-end, organizing fuel receipts by state for IFTA verification, and gathering mileage logs. Make sure Form 2290 is current and equipment depreciation schedules are updated.

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What expenses can I deduct on rental properties?

Rental property owners can deduct mortgage interest, property taxes, repairs, depreciation, insurance, management fees, and travel to their properties. The key is tracking everything and understanding what counts as a repair versus an improvement.

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How do I track cleaning fees and platform fees for vacation rentals?

Track platform fees and cleaning expenses as separate line items. Record gross booking revenue as income, then record platform fees as a deductible expense. Cleaning fees collected from guests are income, and payments to cleaners are expenses.

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What is the GRT rate in Santa Fe?

The combined GRT rate in Santa Fe city is approximately 8.4375%, combining state, county, and city portions. Your exact rate depends on your business location and can be verified through the New Mexico Taxation and Revenue Department.

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Do I need to track mileage for rental property visits?

Yes, if you want to claim the deduction. Rental property mileage is deductible for trips like collecting rent, maintenance visits, and tenant showings. The IRS requires a log of each trip with date, purpose, and miles.

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Focus Point Accounting provides bookkeeping and accounting services for small businesses across Santa Fe and Northern New Mexico. Led by Stephen Vigil, a Certified Internal Auditor with 20+ years of experience. We bring an auditor's precision to your financial records.

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