You can add property expenses directly from Property Tank, or allocate them from Bank Feeds once the payment appears in your account.
This article covers how to manage property-related expenses, including adjustments for fees paid by property managers and manual entry of expenses.
Add cash expenses from Property Tank
Add future-dated expenses that will be matched with a bank transaction later
Record adjustments for fees paid by property managers to ensure gross deductible expenses are accurately reflected
Step 1: Navigate to Property Tank
Go to Property Tank
Select the relevant property
Click the See Details button
Open the Expenses tab
Click the Add button
Step 2: Choose the Expense Type
In the Add Expense pop-up, start by selecting the type of expense:
Bank Feed – for expenses that will be paid from your bank account later
Cash – for expenses that were already paid using cash
Step 3: Enter the Expense Details
Fill out the following fields:
Description: What the expense is for (e.g. Jan to Mar Council Rates)
Payment Amount: The full amount, including any merchant fees if applicable
Transaction Date: The payment date, or the due date if not yet paid
Category: Start typing to search and select the relevant category (e.g. Council Rates)
Once everything is filled in, click Save.
Editing Expense Descriptions
If additional details are required but the description field is not visible during entry, save the transaction first. Then, locate the expense in the Expenses tab, click the pencil icon to edit the entry, and update the description.
Using Adjustments for Property-Related Costs
If your property manager pays fees on your behalf (e.g., for repairs, smoke alarms, body corporate, or rates), you should record these as Adjustments in TaxTank. Adjustments ensure that the system calculates the gross amount for tax purposes. Follow these steps:
Navigate to the property in question.
Add each on-charged fee as an adjustment against the property.
Verify that your totals reflect the full deductible expense. This process ensures that all expenses are accurately recorded and reconciled.
Tips for Accurate Financial Reconciliation
Always double-check the amounts entered, whether through bank feeds or manual entry.
Use the adjustments feature to account for any fees or costs paid on your behalf.
Regularly review your expenses in the Expenses tab to ensure all entries are complete and accurate. By following these tips, you can ensure accurate financial records and maximize your tax deductions.
Matching with Bank Feeds
If you selected Bank Feed as the expense type, the transaction will be available to match once the payment appears in your account.
For help with this, see the article How to Find & Match Expense Transactions from Bank Feeds