Bookkeeping when outsourcing Lettings administration

I look after the finances of a small property rental business owned by our Church. The business is a Limited Company, VAT registered with 3 Directors/Trustees but no paid staff.

At present I use an Excel spreadsheet to maintain income & expenses records but our Letting Agent deals with the invoices, collects the rental, deducts a commission and transfers the balance direct to the Company Bank account. I simply get a monthly statement showing the rental and commission figures for each of the 5 properties the Company owns.

I have not used accountancy software before and have no formal bookkeeping training. I have, however, read the Guide ‘Bookkeeping for Letting Agents’ on the Knowledge Base which was helpful but am at a loss to know whether that guidance can be adapted to fit our particular situation where the Company is the landlord but outsources the lettings administration…Can you offer any further guidance please?

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Hello @David5

Here is an forum post explaining the process.

You can search the forum (https://community.quickfile.co.uk) by using the search option in the top right.

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