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Old 07-09-2016, 06:24 PM
psandoz psandoz is offline
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Join Date: Oct 2015
Location: Houston
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How to handle known future payable expenses?

I have a few rental properties and am trying to improve my cash management. My bank balance looks good, but I know in a few months I have to pay insurance and tax (annually paid). How do the experienced users handle future payables, like taxes and insurance? Should I have a Tax and Insurance Payable account that collects a monthly amount from the rental income?
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Old 07-10-2016, 04:28 AM
Rustler Rustler is offline
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Location: Texas - The Republic
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Having a payable account does nothing for cash flow, it does allow you to see what amount is due or will be due.

I opened another account at the bank, interest bearing, and move money from the operating bank account to savings. Then when the time comes to pay the bill, I transfer from savings to operation and pay it.
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Old 07-10-2016, 08:37 AM
psandoz psandoz is offline
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Thanks

Thanks for the note. I have been trying to come up with another way, but I think I am making it overly complicated. I'll follow your advice starting with August receipts.
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