Forum Discussion

SalBasky's avatar
SalBasky
Experienced Cover User
3 months ago

How to treat rent payment in bank feed

Hi Guys,

I have just added a bank account to my feeds in Business Pro.  This account will have rent payments come in through the bank feed.  

Given the rent payments will be net, how should I correctly record the expenses (maintenence, agent fees etc) that have already been taken from the rent.

I am reasonably new to this, so any help would be appreciated.

Thank you :)

Sally.

  • KellyKellyProp's avatar
    KellyKellyProp
    3 months ago

    Hi SalBasky

     

    Personally, I record a 'Receive Money' transaction, but have line items for all the income and expenditure so you can allocate if there is GST on each transaction. 

    For example:  CR Rent: [income] - GST free

                          DR Management fees [expense] - GST

                          DR Council Rates [expense] - GST free

     

    Hope this helps!

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    3 months ago

    Hi SalBasky,

     

    I get why it's important to ensure the rent transactions are spot-on. Providing specific financial advice isn't something we can do as moderators, but I'd recommend consulting a financial advisor or accountant to double-check everything.

     

    Don't hesitate to start a new thread if you have any other questions.

     

    Thanks,
    Genreve

  • KellyKellyProp's avatar
    KellyKellyProp
    Experienced Cover User
    3 months ago

    Hi SalBasky

     

    Personally, I record a 'Receive Money' transaction, but have line items for all the income and expenditure so you can allocate if there is GST on each transaction. 

    For example:  CR Rent: [income] - GST free

                          DR Management fees [expense] - GST

                          DR Council Rates [expense] - GST free

     

    Hope this helps!

    • SalBasky's avatar
      SalBasky
      Experienced Cover User
      3 months ago

      Thanks Kelly :)

      Would you allocate this 'Receive Money' transaction to Undeposited Funds, so that you can match the bank feed entry to it?

       

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    2 months ago

    SalBasky@ KellyKellyProp

     

    Sal,

     

    Do you receive a monthly/fortnightly Statement from a Real Estate Agent?

    This will list the Income and Expenses for the period.

     

    I suggest talking with your Tax Accountant/BAS Agent

    The type of property Residential or Commercial and GST Registered affects the GST Codes used.

     

    Let me know.

     

    Duncan