How do I go about recording Letting Agent Fees

[mlvh]

I’ve seen this asked a lot but nt answered.

I’m a landlord and I receive a payment from the letting agent minus fees and maintenance. I want to divvy it up between properties using project tags. But how do I record the total before the deductions? Will it match to the payment in my bank feed? I’m assuming I attach the letting agents statement of charges to multiple properties usin tags?

CIA

[QFMathew]

Hi @mlvh

The key question here would be who invoices who? Do you invoice the tenant, and do they have an agreement with you, or is everything done through your agent?

[Paul_Courtier]

I’m not expierenced with project tags so I’ll let others explain this.

But in general terms regarding payment, the total rental fee is the income and the agent free is an expense. . So you would need to create a seperate bank account and record a money in for the full rental income then a money out for the fee. And finally the balance you have left is what’s been paid to you which you tag as a bank transfer to your original bank account.