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LeeMel19's avatar
3 years ago

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
  • LRBooks61's avatar
    3 years ago

    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 

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