How do I record rent sale, but expenses outgoing means nothing goes into the bank account - MYOB

[Lottie1]

Hello, How do I record residential rent income and agent fees,repairs expenses outgoing when they equal each other and I do not get a payment to deposit in bank at end of month.

I would normally enter a sale for the rent and do a "payment received" against it with the money going into the bank and then a purchase for the expenses/management fee and a "pay supplier" for the amount going out of the bank.   As there is no money actually going into the bank or out of the bank, how do I do that?    

If I don't do the above it then doesn't show that the rent for that month has been "paid/received", it sits in the sale as if still owing.    I am very new to MYOB system and not an accountant !  Thanks for any help you can give.

Any help is appreciated.

[Princess_R]

Hi @Lottie1,

Thank you for your post, and welcome to the Community forum. I hope you find it a great source of information.

In this situation, if there's no money going to the bank account, then I would suggest recording a journal entry. I would highly recommend speaking with your accountant regarding this matter.

Please let me know if you need any further assistance with this. I'd be more than happy to assist.

Cheers,

Princess

[Lottie1]

Thanks Princess !   Much appreciated

[Princess_R]

Hi @Lottie1,

You're welcome! It's my pleasure to help you with any queries you have. Please don't hesitate to create a new post if you need help in the future. I'd be delighted to help you.

Cheers,

Princess

[WendyH]

With this scenario, you'd be best to use a 'Contra Payment A/c' - that way you can 'receive payment' for the invoice, and 'pay' the bill.

https://help.myob.com/wiki/display/ar/Dealing+with+a+supplier+who+is+also+a+customer#expand-Torecord...

[Princess_R]

Hi @Lottie1,

I hope you've had a wonderful day! Please check out the help article provided by our partner, @WendyH, which might also address your concern with recording sales and expenses.

I would also like to take this opportunity to thank you, @WendyH , for your support and providing information. This is a great help to other users who have the same issue.

Cheers,

Princess