Web Service Overview
We show below some screenshots illustrating how it all works. To keep track of the portfolio and its statements, we use two views:
- property list: the list of rental properties needs to be entered first, with property name, aquisition price and date, expected rent, and various expenses entered on this screen. Once this information is entered, the screen will show a summary table with the properties entered and proforma numbers (proforma numbers are annualized, assuming property operates for a full year).
- tax years: once the above property list has been created, relevant year statement can be created in the Tax Years menu. Press the "Edit Statement" button to start adding to that year statement this properties that in service that year. The system will add the annual number prorated by the number of month the property was in service. The relevant values will then need to be updated with actual numbers that one would be able to compute for the property by the end of the tax year. Once the statement has been edited, press the "Edit Tax Forms" to see the statement numbers in tax form format.
Tutorial and Screenshots
We'll give you some screenshots showing what the application looks like and what metrics it allows to display. The example we look at features two properties purchased for cash in 2014.
Maintaining Property List
The list properties are first entered in the property list section.
- Our first addition is a house in Georgia:
- Our second property is in Texas:
- We entered sufficient information to obtain a summary proforma account, allowing us to gauge whether a property is enhancing or harming the portfolio
performance:
Maintaining Tax Year List
The tax year list is maintained in the tax years menu.
- For out example, we are adding year 2014:
- You can edit the year added:
- The list of properties that should be inserted in the statement as they were in service that year appears:
- The list is then populated with proforma numbers:
- The following tax year edit function allows us to edit the tax number with actual numbers for that fiscal year for the Georgia and Texas properties:
- Note that this table also allows us to enter house price estimates for the end of that year, and mortgage outstanding, so as to be able to keep track of
portfolio and inidividual capital gains and leverage level from one year to another.
The actual performance for year 2014 is shown. With much better cashflows for the Georgia property, and much higher capital gains on the Texas house:
