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ow to allocate a lump sum deposit for rental income less management fees

LeeMel19
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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

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LRBooks61
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Ultimate Cover User
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Re: ow to allocate a lump sum deposit for rental income less management fees

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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