Forum Discussion

Experienced Cover User

6 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
6 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
MYOB Moderator
6 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
Experienced Cover User
6 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
  Experienced Cover User
  6 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
Ultimate Partner
5 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