SalBasky
4 months agoExperienced Cover User
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.
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!