Rent income & expenses

[jamesuk]

I have tried to follow the steps for recording income as a rental agency, but still a bit confused.
When tagging the bank transaction to a holding account (loan account) eg ‘property one’, the rent appears as ‘money out’ in the corresponding account. Not sure how to tag it as ‘money in’ from the bank statement other than re entering each entry manually.

When tagging expenses from my imported bank statement how can I apply them to a particular property, eg maintenance charge for ‘property 1’. If I tag the transaction as ‘Payment to a supplier’ it’s not recorded against particular property so I can account to the landlord for outgoings. If I tag as a transfer to the loan account it losses the reference data of who it was paid. Thanks for any help.

[rhc]

Hi
Have you seen the knowledge base article below which describes the process very well

Bookkeeping for Letting Agents

If you are a Letting Agent you may wonder how best to account for the collection of rent and the remittance of the NET payments (less fees) to your landlords. This guide will cover the following points Rental income received from the tenants The deduction of management fees from the gross rent received. The payment of the net balance to your landlords. Here we will assume the landlord is the client and we will isolate all transactions for a given property to a loan type bank account. This …

Here is another one from the forum which could be useful as well

How to tag / create invoice for rent income minus agent fees?

hi how do i create an invoice or tag this? I let out a property for £530 pcm This is through an agent who charges me £35 pcm. I therefore receive a payment from the agent of £495 pcm into my bank. Option 1: I can create an invoice monthly for the rent as follows: Nominal Rent Incom: rent for property £530. Nominal Ren income: Minus agent fee -£35. Total invoice £495 Then tag my bank payment received to that. The issue i see is that it artificially shows my rental income as less and my…