I am currently using my primary residence address as my “business” tracking section. A business section should be developed so expenses such as marketing for deals, mastermind expenses, networking expenses, etc have a place to be tracked.
Since all my properties are Deeded in my Series LLC, I just use the top level of the LLCs Portfolio here in Stessa to “categorize” all my non-property specific (business) expenses. Though a separate “business” entity category would be nice to focus into only those non-property specific expenses.
There is already this function but I found it by accident. For all general and administrative expenses that are not property specific, I just classify it to my “portfolio” and not the specific property. If you have multiple portfolios, I suggest creating a new portfolio for only these general expenses. Here is a screen shot of what I select for these types of expenses.
That’s what i do, assign it to the portfolio, and seems to work just fine.
Have you been able to run a report on just those expenses at the portfolio level? I want to run an income statement on just my non-property specific expenses and can’t figure it out.
I also can’t figure this out. Labeling portfolio expenses is great but it looks like the only way they will show up in Income Statement reports is if you produce a report for all properties, which doesn’t help if you’re trying to account for taxes. I think I might create another property called “Portfolio Expenses” and then my accountant can just add those expenses to a single property for filing my return.