Newbie Transaction Posting Query for my business

[darren1]

Hello,

I am starting a Rent to Rent Business whereby I rent properties from a landlord and pay a guaranteed rent for the whole property and then rent out each room direct to tenants on a room by room basis receiving rent which would include all bills.

I believe I would post as follows in QuickFile but just just to check:

• Rent I Pay to Landlord to Rent the property - Enter as a New Purchase with the landlord as the supplier with the category of Rent (7100). Thought to use Auto-Tagging from the bank statement so QuickFile automatically realises the transaction each month.
• Rent I Receive from Tenants for renting out each room - Enter as a Recurring Invoice with Rent Income 4904 as category. I was planning to connect this with GoCardless to process the payment each month
• All other payments I make relating to the property (Council Tax, Electricity, Cleaner etc) - Enter as a New Purchase with Relevant Category Selected and Suppliers created for corresponding charge (eg. British Gas, Virgin Media etc)

I will the tag all of the above with the Property ID so I can report P&L for the business as a whole or just the individual property?

I presume it wouldn’t be necessary to create individual suppliers to each property (eg British Gas Property 1, British Gas Property 2 etc) as they will be separated via the projects tags and so could all go under the one British Gas supplier?

Any help would be greatly appreciated.

Kind regards
Darren

[FolkLondon]

The default by the utility companies will be to create a separate account for each property. At your end you will need to be careful not to mix them up whichever way you go.

With tagging yoiu can use a single supplier account across all properties but that does require constant care over tagging. I find that project tagging is the area where I am most likely to make a typo or forget it altogether.

My first reaction was to go with a single account for each utility company but in the longer term you may find an account for each property easier to manage especially if you have somebody helping with your book-keeping.