Are you able to give any advice on how to enter rental income with property management expenses
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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 Expenses0
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Hi David - am I entering as a 'Bill' from a supplier of and 'invoice' to a customer?
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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.
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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.0
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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
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Hi Graham,
Thanks so much for your link. Very detailed and easy to understand.
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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?
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@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 😬)
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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