How to receive Rental Payments, net of Real Estate Commission

Lee_8688889

I'm using Accounts Hosted. 

We have rented a property using an Agent. The Agent takes a one-off commission payment upon the tenant signing the tenancy document.

The tenant has paid 2 months rent in advance to the Agent and signed the lease. The Agent has taken their commission from this and has forwarded the balance of monies into our bank account.

Moving forward the tenant will send rental payments straight to our bank account.

We are to invoice the tenant monthly.

So far I have generated 2 x monthly invoices but dont know how to:

1. Close out the invoices as being paid in the customer's account, so their account balance is nil, eventhough we didn't receive the full amount in our bank.

And,

2. Show the Commission Expense.

The only think I can think to do is:

Receive Payments, for the total of 2 x rental invoice amounts (to show these in the customer's system as being paid), and then

Write a cheque, to the Agent for their commission.

Although none of these transactions actually went through the Bank account, the net effect should be the same.

Your assistance is greatly appreciated.

Charley

Lee_8688889

Thanks Charles. Very much appreciated.