Monthly Statements
Clear cash flow reports showing income and itemized expenses.
Rental Property Accounting
Know Exactly What Your Rental Is Doing
Owning a rental means keeping books: rent in, repairs out, deposits held, receipts saved and a clean set of numbers at tax time. Most owners fall behind on it. Zamzam Property Management keeps the books for every home we manage and posts a clear statement to your owner portal every month.
Get a Free Rental AnalysisWhat You Receive
What We Take Care Of
The bookkeeping behind a rental is constant. This is the work we handle.
- Rent and payment records
- Resident ledgers
- Security deposit records
- Move-in payments
- Vendor invoices
- Receipts on file
- Itemized expenses
- Repair cost tracking
- Monthly owner statements
- Owner payments
- Reserve tracking
- Online owner portal
- Year-end reports
- 1099 forms
- Lease and document storage
- Warranty records
How Your Money Is Tracked
Every dollar that comes in or goes out of your rental is recorded the same way.
Every Month:
- Rent is recorded. Payments are posted to the resident ledger as they come in.
- Expenses are documented. Each repair or bill is entered with its invoice or receipt.
- The books are balanced. Income and expenses are reconciled for the month.
- Your statement is posted. It is in your owner portal and shows what came in, what went out and why.
- You are paid. Your funds are sent to you.
Every Year:
- An annual report. A tax-ready summary of the year’s income and expenses.
- Required forms. We provide the forms owners need, including 1099s.
- Deductions reviewed. We flag commonly missed rental deductions for you to discuss with your tax preparer.
- Records kept. Leases, inspection reports, warranties and paid invoices stay on file.
- Questions answered. If a number does not make sense to you, we walk you through it.
What Michigan Requires for Security Deposits
A security deposit is not the owner’s money to spend. Michigan sets rules for holding and accounting for it.
What the Law Requires:
- A limit on the deposit. A security deposit may not be more than one and one-half months’ rent.
- A regulated account. The deposit must be held in a regulated financial institution, unless the landlord posts a bond with the state instead.
- Written notice to the tenant. Within 14 days of move-in the landlord must tell the tenant in writing where the deposit is held and that the tenant must provide a forwarding address within four days of moving out.
- Limited uses. A deposit may be used for unpaid rent, unpaid utilities and damage beyond reasonable wear and tear.
- An accounting at the end. The landlord must itemize any deductions within 30 days after move-out.
Why Good Books Matter:
- Tax time is simple. A year of organized income and expenses is ready to hand to your preparer.
- Deductions are not lost. An expense with no receipt is an expense you may not be able to claim.
- Disputes are settled. A clean ledger answers most rent and deposit disagreements.
- You see the trend. Monthly statements show whether the property is improving or slipping.
- Selling is easier. A buyer or lender will ask for the property’s income and expense history.
Getting Started with Zamzam
Accounting Is Part of Full-Service Management
Accounting is one piece of what we do for every rental we manage. We also market the home, screen applicants, collect rent, handle maintenance and inspect the property.
Want to see what your numbers could look like? Try the ROI calculator. We are not tax advisors, so please review tax questions with your own preparer.
Rental Property Accounting FAQ
What will my monthly statement show?
A clear cash flow report with the income collected and an itemized breakdown of expenses.
Do you keep receipts and invoices?
Yes. We maintain detailed records with invoices and receipts for every expense.
Do you provide year-end tax documents?
Yes. We provide tax-ready annual reports and the required forms, including 1099s.
Can I see my statements online?
Yes. Owners can sign in to the owner portal to view statements and documents.
What records do you keep on file?
Leases, inspection reports, warranties and paid invoices, along with the payment history for each resident.
How much can a security deposit be in Michigan?
A security deposit may not be more than one and one-half months’ rent.
Where does a security deposit have to be kept?
In a regulated financial institution, unless the landlord posts a bond with the state instead. The tenant must be told in writing where it is held.
Do you give tax advice?
We point out rental deductions that owners commonly miss, but we are not tax advisors. Review your return with your own tax preparer.
Talk to Us About Your Rental
Request a free rental analysis and we will tell you what your home could rent for. Prefer to talk? Call 248-592-7688.
Tell Us About Your Rental:
- Property address and number of bedrooms
- Whether the home is vacant or occupied
- Current rent, if it is rented
- Any problem you are dealing with right now
- What you want from the property
Sources: Michigan Compiled Laws 554.602, amount of security deposit; 554.603, notice to tenant; 554.604, where a deposit must be held; IRS Topic No. 414, rental income and expenses. Rules change. This page is general information, not legal advice.