I have recently signed up to QuickFile and have to say that I think it looks great! I am starting a Multi Let Business within the property industry. This involves me renting a property from a landlord and paying them rent, I then rent out each room individually and the tenants pay me rent. I then pay utilities (council tax, electric, water,broadband), a weekly cleaner for communal areas.
I wondered is the best way to do this using Project Tags to link all transactions relating to a particular property?
Do I need to create specific codes within the chart of accounts or can I use the following:
4904 - Rent Income (For Money received from the tenants renting each room)
7100 - Rent (The amounts I pay to the landlord - although I noticed this said relating to the rental of business premises)
Any help would be greatly appreciated.