fees on rental sales receipt

I have a client who has a number or rental properties. Some direct pay and others are through an agent. The ones that the agents handle are direct deposited to their bank and a statement comes from the agent with income and costs such as fees and any charges deducted.

When I used the old reckon accounts I did a sales receipt for the rental and deposited it in undeposited funds and then did a journal for the fees etc. and journal it to the undeposited funds account and then did a deposit to the bank.

This worked ok but they have changed to Reckon one and the advice I was given was to do a sales receipt for the rental on one line and then enter the costs as negative amounts. Seems to work ok but I am not sure if the GST will be recorded in the correct way. I am struggling with the new format in Reckon one.

Comments

John Angelico

Yes it will work correctly if you use the GST codes for outgoings (NCG NCF NCI) as appropriate.

RGDS

John A

sipstac

Thank you for that. I was never happy putting negative amounts in sales receipt or invoices as I was not sure if the amounts were reported correctly in the BAS figures.

While I am on the subject, how do I generate a tax summary report like the old reckon accounts so that I can see if figures are correct ?

John G

Hello Sipstac,

Just like to confirm that you can still enter your transactions in Reckon One the same way you did in Reckon Accounts. You may need to create the Undeposited Funds account in Day to Day > Business > Chart of Accounts, as it is not one of the native accounts that comes with Reckon One.

Yes, the easy way to enter the rental transactions via the Real Estate agent is via a Receive Money (equivalent to the Reckon Accounts "Sales Receipt"), with the full rental amount entered with the appropriate sales side tax code (GST, FRE or INP) and expenses on the following lines with their appropriate purchase side tax codes (NCG, NCF or NCI) and the amounts as a Negative Amount. The net total of the entry will appear in the Amount field at the top right of the header section.

The GST Summary Report (shows all the lines from G1 to G20) is accessed in Reports > Report Centre > Tax > GST Summary Report. This Report only displays in "Accrual basis" so make sure the reports you are reconciling to are also on an "Accrual basis". Default displays of reports can be modified in Settings > Report Settings. Display options on the opened report can be modified through "Show more options" link in the header section of the Report.

Hope this helps.

regards,

John

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