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SalBasky's avatar
SalBasky
Experienced Cover User
5 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 corre...
  • KellyKellyProp's avatar
    KellyKellyProp
    5 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!

KellyKellyProp's avatar
KellyKellyProp
Experienced Cover User
5 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
    5 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?

     

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