Are you able to give any advice on how to enter rental income with property management expenses

Candice Carlsen
Candice Carlsen Member Posts: 13 Novice Member Novice Member
edited January 2020 in Reckon Accounts (Desktop)
Entering rental income and rental expenses to receive a deposit of difference?

Comments

  • David Moloney
    David Moloney Member Posts: 2 Novice Member Novice Member
    edited February 2015
    Create an Item " Property Management Expenses" & code to your cost of sales - when entering the Income post the Gross Value to "Revenue" & enter the cost as a negative against the Item Property Management Expenses
  • Candice Carlsen
    Candice Carlsen Member Posts: 13 Novice Member Novice Member
    edited July 2016

    Hi David - am I entering as a 'Bill' from a supplier of and 'invoice' to a customer?

  • Charley
    Charley Member Posts: 498 Reckon Star Reckon Star
    edited January 2020

    Candy, you need to create a Rental Clearing account (bank).

    Invoices or preferably Sales receipts are deposited to the Rental Clearing account

    Expenses are taken from the  Rental clearing account

    At the the end of the Month Statement from Real estate that will equal the amount you need to transfer from the Rental Clearing to your Operating account.


  • Candice Carlsen
    Candice Carlsen Member Posts: 13 Novice Member Novice Member
    edited July 2016
    Hi Charles,  how are my expenses 'taken' from the clearing account -- a journal entry? I have created a sales receipt for the rent and allocated it to an income account and on the same invoice allocated my property management expenses to an expense account but with a negative entry. This has given me the correct amount to deposit that the agent is paying me, however I am concerned about tax allocation. I know the rent is GST free however the fees need to be NCG but the system will only allow GST which is going to calculate incorrectly as GST on sales not GST on payables. 
  • Graham Boast
    Graham Boast Accredited Partner Posts: 312 Accredited Partner Accredited Partner
    edited December 2017
    Hi Candice

    Charles is correct in advocating this method as it is the only way to get the correct reporting on the BAS.  This paperf from the Help Pages of my website details a step-by-step method.  It's cows rather than Rental, but the concepts are identical

    http://reckonhelp.com.au/Help/QuickBooksHelp/Recipient%20Created%20Tax%20Invoices%20-%20Sellers%20Pe...

    Graham Boast 0409317366
    Reckon Accredited Consultant
    graham@reckonhelp.com.au
    http://reckonhelp.com.au/remotesupport.htm

    Graham Boast | 0409 317366 | graham@reckonhelp.com.au

  • Candice Carlsen
    Candice Carlsen Member Posts: 13 Novice Member Novice Member
    edited July 2016

    Hi Graham,

    Thanks so much for your link. Very detailed and easy to understand.

  • jacquiwall
    jacquiwall Member Posts: 6 Novice Member Novice Member

    Is there any way to create a Landlord Statement in Reckon One that will show the monthly Money In and Money Out and balance paid to Landlord?

  • Acctd4
    Acctd4 Accredited Partner Posts: 4,208 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    @jacquiwall This category relates to Reckon Accounts (RA) desktop - which is a completely different program - so I'd recommend posting your question under the Reckon One (R1) category instead (You may even find an answer to this there already 😊):

    https://community.reckon.com/categories/reckonone

    (Unfortunately, I only work with RA/RAH so I can tell you exactly how to do it in there but no idea about R1 😬)

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