Help a frustrated newbie?

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  • Updated 9 months ago
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Hi all,

I am becoming extremely frustrated trying to use this software :/

I have never loved accounting, and this seems to reinforce everything I have always disliked so much... it just seems so unintuitive and frustrating, and putting up blocks everywhere.

In a nutshell I have previously being using excel to track finance for a small property management agency. I have some trust accounts and an operations account.

I wanted to go back to July 1 2016 and enter the transactions for each account. I simply want to put in 'rent received tenant 2 july 2015 amount $xxxx' then the next transaction paid to owner, and money paid to myself. Let me give a typical month for a typical trust account with made up figures.

July 1 tenant pays $1000 in rent.
July 18 I pay owner $950 in rental payment to owner bank account
July 18 I pay myself $50 in management fees to operations account

This seems like it should be pretty easy to do, really straight forward, but it just wont work.

It wants me to put down customer details and choose if im issuing receipts or invoices or payments, when all I really just want to record money in money out.

So I try to work out how to simply put this in, go to day to day --> money in, select direct deposit, add a customer, add the bank account the transfer went to and try and save it....

Suddenly "Payment amount and amount allocated don't match. A $1,716.40 credit for XXXX will be made available."  

What?! I dont want a credit made available! This tenant paid rent. There is no credit for them! 

So I think, well maybe I have made a mistake somewhere, decide to start over from scratch, but i H ave tried to import things before, and now it wont let me delete them, because they are 'on the journal' or something. I can delete the workbook and start again... I cant create a new workbook..


Sorry for the rant!
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Nathan W

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Posted 9 months ago

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Kevin Russell, Accredited Partner

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I would use a clearing account (type of bank account) Create a receipt for the rent deposit it to the clearing account. Write a cheque for the expenses out of the clearing account. Transfer the balance to the physical bank account. It should reconcile to the amount that hits the bank. Call me if you get stuck. I do this all the time.

Kevin t:0407744914
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Nathan W

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Hi Kevin,

Thanks for the offer and I might take you up on that offer to call shortly!

In the meantime I am continuing to watch youtube tutorials to see if I cant sort this (and I have tried so many things that seem to be permanent and unable to be deleted) that I might need to contact support to reset this whole messy account before it is actually usable.

I feel like this should be quite easy, and I dont understand why I cant just credit a trust account with a cash payment or direct deposit from a tenant, who isnt really a customer. 

I am also worried that by putting this rent payment through that the software will consider the full rental payment as income for tax and bas purposes, rather than proportion an income and gst tax component for my owners based on their accumulated payments, and a separate gst and income tax component for myself and my own reporting requirements.

Mainly though what adds to layers of frustration, is the immutability and permanence that seems to come from adding bank accounts and transactions initially, which now seem to be uneditable or delete-able, meaning I dont know which mistakes I made setting everything up will come back to bite me later, and are causing issues now...  
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Kevin Russell, Accredited Partner

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Nathan these principles are fairly straightforward once you understand the concept. The software really doesnt matter. Its just debits and credits. And its been that way since the chinese invented double entry bookkeeping five thousand years ago. Like I said. Im more than happy to help.