| Record | Question it answers | One row is | Template |
|---|---|---|---|
| Rent roll | Who is in each unit, on what terms? | One unit or lease | Rent roll template |
| Rent ledger | What was charged, what was paid, what is still owed? | One charge or payment | Rent ledger template |
| Expense log | What did I spend on the property, and where is the receipt? | One expense | Expense log template |
How they fit together
- The rent roll says what rent should be due. The ledger records what actually happened.
- The ledger and the expense log together give you the income and expense totals for a year. See the year-end checklist.
- Receipts and invoices support the expense log. Rent receipts and bank records support the ledger. See the records checklist.
Which one to start with
If you have a single rental and a single tenant, start with the rent ledger, since payments and balances change every month. Add the expense log when you start collecting receipts, and a rent roll once you have more than one unit. For the monthly routine, see the monthly rent collection checklist.