::InCharge Software-Comparisons Rentals

Rental Property Ownership�Situations	Credit Co. Summary	Bill Payment Provider	IC-Home Edition
�	�	�	This is not Business Accounting But, it tracks Rental Properties and Independent Contractor Expenses

� Need to separate and, � group expenses according to IRS tax reporting requirements � Year end requires tabulation	� Knows nothing about�Rentals tax reporting � Can group some expenses if a separate Credit Card is used only for�Rentals expenses	� Seldom used�by Rentals Owners � Expenses are reactionary usually based on need to advertise, repair, buy supplies�	� Individual tracking provides for the distinction of each item paid; � items carried to the appropriate report and the corresponding line for tax preparation reports

� IRS Tax reporting requires itemization for each property � Property owner needs to see individual properties itemized and accumulated as a group � Owners are often faced with dual entry of expenses (checkbook & a spreadsheet)	� Knows nothing about�Rentals tax reporting	� Knows nothing about�Rentals tax reporting	� Individual tracking provides for the distinction of each item paid; � items carried to the appropriate report and the corresponding line for tax preparation reports � Produces separate Rental reports for Schedule 'E' for each property � Produces Owner detail reports for each property and, � Summary of Income/Expenses for all properties combined

� Keep separate checking account for�Rentals�expenses according to IRS tax reporting requirements � Year end requires tabulation	� Knows nothing about checking accounts	� Seldom used�by Rentals Owners � Expenses are reactionary usually based on need to advertise, repair,�buy supplies	� Manages multiple checking accounts � Establish the checking account used for Rentals expenses and the checking account for personal expenses � Tell IC-Home which expenses/Bills are paid from each account

� Use same checking account for both personal and�Rentals expenses � keep�Rentals receipts separate � Year end requires tabulation	� Knows nothing about checking account usage	� May be used to pay some personal bills � Not applicable for most�Rentals expenses	� Individual expense tracking provides for the distinction of each item paid; � expense items are carried to the appropriate report and the corresponding line for tax preparation reports

� Have a separate Credit Card for�Rentals expenses but have only one checking account and pay the card from that checking account � Year end requires tabulation	� As long as the card is used diligently only for Rentals, it can show year end summary by store type when it knows. � Can't tell if office supply store purchase was for � advertising or office supply � Can't tell if warehouse purchase was for a Rental, which Rental, or Personal use	� Office expenses, � advertising expenses, � purchase job supplies�and � Licensing expenses may be paid online but � can't be scheduled	� Individual tracking provides for the distinction of each item charged; � items carried to the appropriate report and the corresponding line for tax preparation reports

� Use same Credit Card for Personal and�Rentals expenses � Need to separate Personal from Business? � Year end requires tabulation	� All Restaurants grouped together � All Office Supply stores grouped together � Can't tell which are business and which are personal � Can't tell the business category � Can't tell if warehouse purchase was for a Rental, which Rental, or Personal use	� Show that Credit Card was paid; � some show total Home Improvement warehouse expenses � some show total�Office supply�expenses � Can't tell which are business and which are personal � Can't tell the business category	� Individual tracking provides for the distinction of each item charged; � items carried to the appropriate report and the corresponding line for tax preparation reports

� Ever Pay Tolls or Parking; � tipped a Bellman or � Luggage Handler; � buy gasoline; � pay for temporary help with Cash ? � Need to separate Personal from Business or Home Improvement?	� Nothing, � they don't know about it	� Nothing, � they don't know about it	� Having a Cash Allowance item established, cash paid expenses are recorded and � the allowance is replenished; � items carried to the appropriate report and the corresponding line for tax preparation reports

� Want to save money � for Gifts, � a new PC, � new tools, � miscellaneous expenses, � improvements , � appliance replacements, � yearly insurance premiums?	� Nothing, � they don't know about it until an item is paid with a credit card	� Nothing, � they don't know about it.� � Banks suggest you have separate saving accounts for each	� When a deposit is made, funds are factored based on the target date and allocated to each expense; � this is true whether it is a bill or a future expense wish�

� Want to Ease checkbook balancing ?	� Nothing	� Nothing; � payments still need to be recorded in the checkbook and� � Checking account balanced manually	� Recording of payments generates an automatic check register and � balancing is just a few clicks; � checkbook balancing report printed with a click of the mouse

�Accumulate money to pay taxes	� Nothing	� Nothing � Banks suggest you have separate saving account to save for taxes	� When a deposit is made, funds are factored based on the target date and allocated to each expense; � this is true whether it is a bill or a future expense wish� � Establish a "Tax to be paid" expense item and money will be allocated to it with each deposit