Bank statement conversion for landlords
Property accounting is per-unit accounting. One bank account can hold rent from four tenants, two mortgage payments, insurance, a boiler repair and a letting agent fee, and every figure has to end up attributed to the right property.
Convert a statement
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Tracking rent and arrears
Tenants pay on their own schedule and reference their payments inconsistently. With the description text preserved, sorting the credit rows by payee makes late and short payments visible immediately instead of at the end of the quarter.
Per-property attribution
Add a property column to the converted sheet and fill it by sorting on description. Once the year is tagged, income and expenses per property are a pivot table, which is what your tax return needs anyway.
Mortgage interest versus capital
A mortgage payment leaves the account as one figure, but only the interest portion is generally deductible. Take the split from the lender's annual statement and record it against the payment rows rather than deducting the whole amount.
Deposits are not income
Tenancy deposits held in a protection scheme are not rental income. Tag them separately when they arrive and when they are returned, or the year will overstate both income and expense.
Frequently asked questions
+Can I track multiple properties in one account?
Yes, add a property column when you tag the rows and use a pivot table for per-property totals.
+Does it handle joint accounts?
Yes, the statement converts the same way regardless of how many names are on the account.
+What about statements from a letting agent?
Agent statements are not bank statements. Convert the bank statement for the money that actually moved and reconcile the agent's report against it.