After you collect transaction data for your real estate investments, you can prepare a report that includes only your real estate income and expense categories and that organizes your information using your Properties classifications.
To prepare such a report, take the following steps:
1. Indicate you want to prepare an Income vs. Spending report. To indicate you want to prepare a report on income versus spending, click the Reports link, and then select Reports Gallery. When Money displays the Pick A Report window, double-click Income vs. Spending so that Money displays the Income vs. Spending report in a window. However, the report will include all of your income and expense transactions for the last month. You will need to customize this report so that it shows only the data you want.
2. Pick the appropriate accounting period. Click the Customize link to display the Customize Report dialog box. You use this dialog box to control which information appears on the Income vs. Spending report. First, specify the accounting period or reporting period that Money uses for the report. To do this, click the Date tab and then enter dates directly into the From and To boxes, or click the box's button to display a pop-up calendar
3. Select the real estate income and expense categories. Then you select the categories you want to appear on the report. Select only those categories you use for keeping records of your real estate income and expenses. To do this, click the Category tab. To clear all the categories-you do this because Money by default selects every category-click the Clear All button. Then scroll through the list of categories and click the real estate income and expense categories that you want to appear on your Income vs. Spending Report.
4. Tell Money to organize income and expense category information using the Prop- erties classification. To tell Money to use your Properties classifications for organizing information shown on your Income vs. Spending report, click the Rows & Columns tab. Then select Properties from the Columns list box. This tells Money to display each property's income and expense data in its own column. Click the Apply button or click the OK button to have Money regenerate the report using your new specifications.
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CPA Stephen L. Nelson is the author of do it yourself kits for Incorporating in North Carolina, North Carolina S corporation and North Carolina limited liability company.