Allocate Income and Expenses on a Monthly Invoice

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  • Updated 9 months ago
What is the best way on Reckon One to allocate a Monthly Invoice from our Property Manager that contains the amount the Renters paid, expenses such as water bill, strata fees, property management fees etc. The invoice then includes the nett amount depositied in our bank account. The bank feed contains the nett deposit, but I need to record the expenses.
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Brian Rees

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Posted 9 months ago

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Michael Corrigan

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With the bank deposit, you can use the property managers invoice figures to include the gross rental income as a positive figure and then include sa a negative figure all the expenses. It should add up to the deposit
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Brian Rees

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When I attempted that allocation, the expense accounts need to be (and can only be) positive expense amounts instead of negative expense amounts - and that seems logical. Unfortunately, Reckon One ADDS these amounts to the Total of the deposit, instead of deducting them, to end up with the correct nett. For example, if the Deposit is $1000 it is make up of Rental Income $1200 and Water Expense $100 and Agent Fees $100. Some invoices can have five rows of income and ten rows of expense. The general question is how to allocate a single deposit to multiple income and/or expense accounts.
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Pam

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Hello Brian, You are right as if you put the expenses as a negative expense on the income side, it actually ends up on the wrong side of the ledger anyway.  So  I dont know if this helps, but I have something like this going on for one of my clients.  Here is what I do.  Set up a contra bank account.  Then  put the income in the income side and the expenses in the expenses side and pay them off through the contra bank account for that client - and the nett amount then has a journal from the contra account to the chq account.  'this means that this account should be zero when the deposit is paid.  This also means all accounts are on the right side of the ledger.  I am able to use the contra account as a statement as a tracker for all the amounts that have gone through it.