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ow to allocate a lump sum deposit for rental income less management fees
I have a lump sum rental income deposit which is minus the real estate management fee how do i allocate that please
Hi
I suggest you allocate it in the following way
4-xxxxx rental income account $xxxxxx - this should be gross income amount
6-xxxxx management fees expense account this should be entered as a negative figure
eg rent $600 management fee $50 deposit $550
4-xxxx $600
6-xxxx -$50
tax codes are dependent on whether it is commercial or residential
hope that helps
Lisa
