The Shoe Box Method is Dead
We've all been there—tax season rolls around, and you're dumping a year's worth of faded Home Depot receipts onto the dining room table, trying to figure out which ones were for the rental. RentMouse is here to save you from that chaos.
Why Tracking Expenses Matters
- Tax Deductions: Every legitimate expense reduces your taxable rental income.
- Profitability Analysis: You can't improve what you don't measure.
- Audit Protection: Organized records with receipts protect you if the tax man comes knocking.
Logging an Expense
Head over to Accounting > Expenses in the sidebar. Click "New Expense".
Here's what you'll fill in:
- Date: When did you pay for this?
- Amount: The total cost, including taxes.
- Payee/Vendor: Who did you pay? (e.g., "Joe's Plumbing", "Home Depot").
- Property: Which property was this for?
- Category: Select from tax-ready categories like Repairs, Utilities, Insurance, Professional Fees, etc.
- Description: A brief note—"Fixed leaky bathroom faucet" works great.
Digitizing Your Receipts
This is the best part. When adding an expense, click "Upload Receipt":
- Phone Camera: Snap a photo instantly.
- Upload File: Drag and drop a PDF or image.
The receipt is linked directly to that expense entry forever. No more digging through filing cabinets!
Recurring Expenses
For monthly expenses like landscaping or pest control:
- Create the expense once.
- Check "Make this recurring".
- Set the frequency (monthly, quarterly, annually).
RentMouse will automatically create the entry each period.
Reviewing Your Numbers
Check the Reports tab to see expenses by category, by property, or over time. You can generate tax-ready reports (Schedule E for US, T776 for Canada) with one click.