BRAND NEW to this - splitting a bank payment into different bits!

Question asked by Kellie Oldfield 1 month ago

I am so sorry for what may be a silly question but we are very new to this.

Basically, we rent 2 properties through a letting agency. Once a month, they send us a payment

This payment is literally Rent - their fee - any work that was required to be done = final payment that goes in bank.

Now the software is seeing this payment from the bank and asking me to explain it. How do I tell it that it is rental income, letting agent fees and sometimes it is maintenance and repair work?

The same for outgoing payments. I pay the mortgage and the software sees this. How do I explain that it is a mortgage payment and also part is the interest on the mortgage payment?

I very much appreciate anyone who takes the time to answer this. There may be more foolish questions after!!

Write reply4

4 Replies

Hi thanks for this... It's gets a bit tricky.

So the statement (and money) goes into the bank account which clearbooks picks up.

I can assign the rental payment I assign a minus figure as letting agent fees Within this statement is also maintainence that's been done. Do I put this in also as a minus amount under letting agent fees although it was an outside company that carried out the work and the letting agent just deducts it out of a buffer they keep for such work... If the numbers don't all add up, it won't let me save...

Or... Should I just delete that item from the bank and put it all in manually?

Many thanks

1 month ago

sorry, to bump this but does anyone know the answer to my above post?

I get a single payment once a month from the letting agency that manages my rentals. Do I reconcile this as I have said above by using minus numbers within the explanation or do I manually input each part of the statement. An average statement will look like this

Rent in - £x Letting agency fee - £x Any work carried out - £x

total paid to landlord = rent in minus fee - work carried out

I hope I am making sense

Francis

4 weeks ago

Hi Francis,

This is covered in section 6.1 of the guide I've posted above, which also includes screenshots as examples.

Tommy

4 weeks ago

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