Expense Tracking Guide

Overview

Accurate expense tracking is essential for understanding property profitability, preparing taxes, and making informed business decisions. Roomazon makes it easy to record, categorize, and analyze all your property-related expenses.

Expense Categories

Standard Categories

Roomazon includes IRS-approved categories:

Maintenance & Repairs

• Plumbing repairs
• HVAC service
• Painting
• Appliance fixes
• General maintenance

Utilities

• Water/Sewer
• Electricity
• Gas
• Trash
• Internet/Cable

Professional Services

• Property management
• Legal fees
• Accounting
• Real estate commissions
• Advertising

Insurance & Taxes

• Property insurance
• Liability insurance
• Property taxes
• HOA fees
• License fees

Property Improvements

• Capital improvements
• Renovations
• Upgrades
• Landscaping
• Equipment

Other Operating Expenses

• Office supplies
• Travel
• Bank fees
• Software subscriptions
• Miscellaneous

Custom Categories

Create your own for:

• Special tax situations
• Business preferences
• Property-specific needs
• Detailed tracking

Adding Expenses

Quick Add Method

1. Click Expenses in navigation
2. Click Add Expense
3. Enter required fields:
   • Amount
   • Date
   • Category
   • Description
   • Property
4. Click Save

Detailed Entry

Include additional information:

• Vendor: Who you paid
• Invoice #: For reference
• Payment Method: Cash, check, card
• Receipt: Upload photo/PDF
• Notes: Additional details
• Tax Deductible: Yes/No
• Recurring: Set up template

Adding Multiple Expenses

To add multiple expenses, repeat the quick add process:

1. Click Add Expense
2. Fill out the expense form
3. Click Save
4. Click Add Expense again for the next one

Note: Bulk import functionality is planned for a future release.

Property Assignment

Property Assignment

Each expense must be assigned to a specific property:

• Select property from dropdown (required)
• Expense counts against that property
• Shows in property-specific reports

Note: Multi-property expense splitting and portfolio-wide expenses are planned for future releases.

Recurring Expenses

Creating Templates

For regular monthly expenses:

1. Add expense as normal
2. Check Make Recurring
3. Set frequency:
   • Monthly
   • Quarterly
   • Annual
   • Custom
4. Choose end date (optional)

Common Recurring Expenses

• Property insurance
• HOA fees
• Lawn service
• Pest control
• Property management
• Software subscriptions
• Loan payments

Managing Recurring

• View all templates in the Templates section
• Edit template settings
• Delete template if no longer needed
• System automatically creates expenses based on frequency

Note: Advanced recurring management (pause/resume, skip months) is planned for future releases.

Receipt Management

Uploading Receipts

Attach documentation:

1. Click Attach Receipt
2. Choose file or photo
3. Supported formats:
   • PDF
   • JPG/PNG/GIF
   • DOC/DOCX
4. 10MB maximum size
5. Up to 5 files per expense

Receipt Organization

• Automatic cloud storage
• Linked to specific expenses
• Tax-ready documentation
• Download individual files

Note: Advanced search and bulk download features are planned for future releases.

Mobile Receipt Capture

1. Use phone camera
2. Snap receipt photo
3. Upload immediately
4. Add details later
5. Receipt safely stored

Expense Reports

Current Dashboard

View expense summaries:

• Total expenses recorded
• Expense count
• Top expense category
• Filter by category and property

Available Data

Track your expenses with:

• Individual expense listings
• Category breakdowns
• Property-specific expenses
• Vendor information
• Receipt attachments

Note: Advanced reporting features (date ranges, analytics, comparisons) are planned for future releases.

Tax Preparation

Deductible Expenses

Mark expenses as deductible:

• Repairs & maintenance
• Professional services
• Insurance premiums
• Property taxes
• Advertising costs
• Travel expenses

Non-Deductible

Typically not deductible:

• Property improvements
• Personal expenses
• Tenant gifts over $25
• Political contributions
• Personal use portion

Tax Documentation

Your expense data includes:

• Deductible/non-deductible marking
• Proper categorization
• Receipt documentation
• Property assignment
• Vendor information

Year-End Checklist

1. Review all expenses
2. Verify categories are correct
3. Ensure receipts are attached
4. Check tax deductible markings
5. Prepare data for tax preparer

Note: Automated tax export features are planned for future releases.

Current Analytics

Basic Insights

Available on your dashboard:

• Total expenses across all properties
• Number of expenses recorded
• Top expense category
• Expense filtering by category and property

Vendor Management

Track and manage vendors:

• Save frequently used vendors
• Select from saved vendor list
• Build vendor database over time

Note: Advanced analytics (trends, profitability analysis, budgeting) are planned for future releases.

Best Practices

Timely Recording

• Enter expenses promptly
• Don’t let receipts pile up
• Use mobile app for immediate capture
• Set weekly reminder
• Reconcile monthly

Accurate Categorization

• Use consistent categories
• Don’t over-complicate
• Follow IRS guidelines
• Review annually
• Document unusual items

Complete Documentation

• Save all receipts
• Include invoice numbers
• Note business purpose
• Track mileage
• Photograph checks

Regular Review

• Monthly expense review
• Quarterly analysis
• Annual category audit
• Vendor evaluation
• Tax planning check

Future Features

Planned Integrations

Features in development:

• Bank account import
• Credit card synchronization
• Accounting software export
• Advanced reporting
• Bulk expense entry
• Multi-property expense allocation

Current Capabilities

What’s available now:

• Manual expense entry
• Receipt uploads
• Vendor management
• Basic categorization
• Property assignment
• Recurring expense templates

Common Scenarios

Emergency Repairs

1. Document urgency
2. Save all receipts
3. Photo before/after
4. Track time spent
5. Note tenant impact

Property Improvements

1. Separate from repairs
2. Track total project cost
3. Document enhancement
4. Consider depreciation
5. Update property value

Travel Expenses

1. Document purpose
2. Save all receipts
3. Track mileage
4. Allocate to properties
5. Follow IRS rules

Mixed Personal/Business

1. Calculate business %
2. Only deduct business portion
3. Document calculation
4. Keep personal separate
5. Be conservative

Troubleshooting

Missing Expenses

If expenses don’t appear:

• Check date filters
• Verify property selection
• Look in recurring templates
• Check deleted items
• Contact support

Category Questions

For categorization help:

• Use IRS guidelines
• Ask tax professional
• Check help articles
• Use “Other” if unsure
• Document reasoning

Receipt Issues

If receipts won’t upload:

• Check file size (<10MB)
• Verify file format
• Try different browser
• Reduce image quality
• Use mobile app

Getting Started

First Steps

1. Navigate to Expenses in your dashboard
2. Click Add Expense to create your first entry
3. Fill out the required fields (amount, date, category, property)
4. Upload receipts using drag-and-drop
5. Save and repeat for additional expenses

Pro Tips

• Use the Templates feature for recurring expenses
• Save frequently used vendors for quick selection
• Mark tax deductible status for easier tax preparation
• Upload receipts immediately to avoid losing them
• Review expenses monthly for accuracy

Related Guides

• Reports & Analytics Guide
• Property Management Guide
• Document Management

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Last updated: January 2025