IPM4IPM4 · Landlord recordkeeping
How to track rental income and expenses
A practical recordkeeping guide for landlords in Iraq: keep each property’s rent, costs and receipts together, without mixing USD and IQD.
1. Give every property its own record
Use a stable property code and keep the tenant name, lease dates, agreed rent, currency and payment day with it. Record income and costs against that property, rather than combining your whole portfolio in one unexplained total. This makes it easier to see which property earned money and which needed repairs.
2. Separate rent due from rent received
For each rent payment, record the date received, amount, currency, tenant and the rental month it covers. Keep unpaid balances visible in your ledger even when a later month has been paid. A current-month status icon is not a complete history of arrears. Track refundable deposits separately from rent; document any refund or later use of the deposit.
3. Categorize costs and keep the evidence
Record the property, payment date, supplier, amount, currency, category and a short reason. Useful categories include maintenance, utilities, commissions and taxes actually paid. Attach a clear receipt or invoice; for a repair, before-and-after photos can help explain the work. Recording a cost does not automatically make it tax-deductible.
4. Keep USD and IQD totals separate
Store the original amount in the currency paid. Never add dollars and dinars into one number. If you need a converted report, retain the original value and document the exchange rate, source and date you used. For example, a USD receipt and an IQD repair bill should remain two separate entries—not an assumed converted total.
5. Reconcile and review each month
Compare rent and expense entries with bank transfers, cash records and receipts. Investigate missing payments and duplicates before closing the month. Review each currency separately: income received minus recorded costs gives a simple cash surplus or shortfall, not a tax calculation or a complete measure of investment return. Keep unresolved differences with a note.
Keep the workflow together in IPM4
IPM4 brings property and tenant records, rent entries, costs, receipt photos and year-filtered reports into your landlord account. Compared with scattered paper notes or separate spreadsheets, linking entries to their property and supporting files makes later review easier. Keep checking the original documents; software does not replace your judgement or an accountant.