Private Landlord using a Managing Agent

[Dave_Strand]

Hi,
As the title, Im a private landlord, with 5 properies managed for me by a managing agent.

Until recently my bookkeeping has been organised by my accountant, but I want to start doing it myself.

Im all set up on QF and for now have imported my bank account so I can have some data to play with. Im stuck now as I have a statement from my agent (issued monthly for each property) which has the rent on, less their fee and less some repairs.

I have done as much reading as I can on the forum, but still am unsure 100% on how to correctly report the payments from my managing agent.

I have gathered snipets of info from several threads, and this one in particular but it has a dead link within it now.

Categories for recording

There’s a category for “Rent” (7100), I would recommend using this one. Sorry I misread your question and assumed the payment was actually for rent. If you’re paying commission then instead use “Sales Commissions” (6100).

I see there is a guide if you are running a letting company, is there a guide for a landlord with basic setup ?

Once I have the basic setup and understanding I plan to spend some time with my accountant so I can make sure I assign everything correctly.

Im soon to purchase a portfolio of 10 properties as a Ltd company so if I can master this with my private rentals I plan to setup and to do the same for the Ltd company.

Aside this, I think my next step is to create a recurring invoice for each property (for the gross rent only) each month for the rent up front, and leave that in a holding Property Holding account (using tags for each property) and when its paid some how reconcile the payment.

Thanks in advance

[QFBeth]

Hi @Dave_Strand,

Sorry that you have not had a response to your query sooner. It is hard to give you advise on this without fully knowing how you work, your set up and what you do.

There isn’t a guide specifically for landlords, but for a managing agent, I would treat the payments the same way as a merchant account, assuming you would collect the rent, take a cut, pass it on?

Hope this helps