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CheyenneK's avatar
CheyenneK
Experienced Cover User
10 months ago

COMMERCIAL PROPERTY RATES

Hi

 

Q1. How do I input sales/purchases and income/expenses within this scenario - do I use the recieve money or put an invoice through showing the the same as the Owner Statement and allocate the money received:

The the landlord(LL) is registered for GST.

The property manager(PM) is looking after the commercial property and is also paying the council(on behalf of the LL the rates/water (free of GST$50).

The PM on-charges the rates/water $50 + GST $55 to the tenant.

The property manager then sends to the landlord a Owner Statement which shows the rent (inc GST) paid + the Rates(+GST) $55 paid by the tenant less the PM commission(inc GST) less the rates ($50/or - should it be $55 as it is not the expense of the PM ) amount to pay the council($50) leaving the net figure deposited to the Landlords account.

Q2. How do you account for the rates if the PM is paying on behalf of the LL and yet it is the expense of the LL??

or should the LL pay the rates themselves not the PM.

I would appreciate some input with this....it does read confusing.

 

Thank you all in advance.

Cheyenne

 

 

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  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    10 months ago

    Hi CheyenneK, 

     

    Thanks for posting your concern in the forum. 

     

    I understand the need to record the commercial property transaction correctly. Unfortunately, this would be considered financial advice and we are not allowed to provide this. I would suggest speaking with an accountant or financial advisor regarding your concern.  

     

    In the meantime, let us know if you need any other assistance. 

     

    Cheers, 

    Genreve

    • CheyenneK's avatar
      CheyenneK
      Experienced Cover User
      9 months ago

      Thanks Genreve for your view.  As it turned out I was able to work it out for myself a few days after recieving your response.  Thanks again.  Sometimes the answer comes to you when you leave it for a few days.

      Have a great week.  C

       

       

      • Genreve_S's avatar
        Genreve_S
        MYOB Moderator
        9 months ago

        Hi CheyenneK, 


        Thanks for your update. I appreciate you updating me regarding your concern. 

         

        I'm glad it all turned out well. I too have times when a little rest helps me figure out things. 

         

        If you have any other concerns, feel free to post again in the forum.

         

        Thanks, 

        Genreve