Hi,
I rent out a few properties. My letting agent collects the gross rent, deducts his fee and transfers the nett rent to me. I record these three transactions per property in a merchant account. I need to setup a category/code to hold these fees in the correct place in the P&L. They cannot be stored in ‘Bank Charges’ as previously advised. I’m guessing they should be in the ‘Expenses’ part of the P&L with a code like 7902. Is this correct?
Cheers
Gary