Condo rental income and expense spreadsheet: one unit, HOA dues and assessment
A condo is one tenant row plus two kinds of association cost: dues that repeat and an assessment that does not. Both are Expenses rows, so the month an assessment lands reads very differently from a normal month.
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General information only, not tax, legal or accounting advice. Late-fee, deposit and notice rules vary by state, city and lease; check your own. Names and numbers in the example are invented.
What changes for this kind of rental
One condo is one row on Units & Leases and one Rent Ledger row a month, so the rent side stays small. The Expenses tab carries the rest: dues the association bills on a schedule and an assessment that arrives once. If you rent two condos, each is its own Property, up to three in all, so each one's dues stay with the right unit.
An assessment never touches the Rent Ledger, because Rent due comes only from the Monthly rent typed on each ledger row. It is one Expenses row with its own date, so the P&L monthly columns show one heavier expense month while Rent collected is unaffected. Your lease and the association's rules decide who owes it.
A worked month: Brightview Tower Unit 812
Invented names and numbers, to show the shape. 1 unit on the Units & Leases tab, all with the Property cell set to Brightview Tower Unit 812.
| Unit | Tenant | Monthly rent |
|---|---|---|
| 812 | Natasha Petrov | $2,200 |
Occupied units schedule $2,200 a month.
One Rent Ledger row per occupied unit for the month:
| Unit | Tenant | Rent due | Amount paid | Balance |
|---|---|---|---|---|
| 812 | Natasha Petrov | $2,200 | $2,200 | $0 |
| Total | $2,200 | $2,200 | $0 |
The month shows $2,200 collected of $2,200 scheduled, with $0 still owed.
Bills for the month, one Expenses row each:
| Bill | Category | Amount | How it is logged |
|---|---|---|---|
| HOA dues | Other (list) | $385 | Unit 812, not split |
| HOA special assessment for parking deck seal | Other (list) | $1,250 | Unit 812, not split |
| HVAC filter replacement | Repairs | $65 | Unit 812, not split |
| Grout repair in unit bathroom | Repairs | $140 | Unit 812, not split |
| Total | $1,840 |
Where each piece goes in the workbook
- Units & Leases: Add one row: the condo's unit number, the property name, the tenant, lease dates, monthly rent and due day, with Status set to Occupied. Type the property name on Start Here first: the Property dropdowns on Units & Leases and Expenses read that list.
- Rent Ledger: Add one row per month with the unit, the first of the month, the due date, the rent, the amount paid and the date paid. When the tenant pays in full within the grace days, Status reads Paid and Balance is zero.
- Expenses: Log the dues on the date you pay them with Other (list) as the category and HOA dues as the description, since the dropdown has no association line. Split by units can stay on No: with one unit there is nothing to divide.
- P&L: Open the monthly column of the date you logged the assessment and compare it with an ordinary month. With rent unchanged and no Improvement flag on the row, operating expenses rise and Net operating income falls by the same amount.
Two formulas worth a cell of their own
- Units in a property, the number behind every split:
=COUNTIF('Units & Leases'!$B$6:$B$15,"Brightview Tower Unit 812")returns 1 here. - Rent paid by one unit across the ledger:
=SUMIFS('Rent Ledger'!$G$6:$G$505,'Rent Ledger'!$A$6:$A$505,"812")returns $2,200 on this example.
Four tracking tips
- On the P&L, HOA dues land on the Other (list) line together with every other row in that category. Only the Description tells the dues apart, so write it the same way every month.
- Date each dues row the day you pay it, as the Expenses tab expects, and keep to that. The P&L groups expenses by that date, so paying on the 3rd most months but on the 28th in one puts two dues rows in that month and none in the next.
- Log an assessment once. Put the project in Description and the association's notice or invoice number in Receipt ref, so the row traces back to the letter that announced it.
- Every Expenses row has a Repair/Improvement flag, and an Improvement row is shown separately as a capital cost instead of in operating expenses. The sheet sorts a row only as you flag it, so decide the flag on each row, the assessment included, and confirm borderline calls with your preparer.
Questions
Does the sheet treat a special assessment differently from HOA dues?
No. The sheet has no assessment type: dues and an assessment are both Expenses rows, told apart only by their date and description. Log a row when you pay one. Who owes it is set by your lease and the association, not by the workbook.
What if the HOA dues are billed quarterly instead of monthly?
Enter each bill as one row dated the day you pay it. Every Expenses row has a single date and the workbook does not spread an amount over several months, so a quarterly bill makes that one month heavier. Keep the description the same each time so the rows still read as dues.
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