Bank payments for property rent net of expenses

Question asked by Hilary C Lane 4 days ago

The bank payments for rent that I receive from the agent who manages my property are net of management expenses, repair costs and other expenses. For my MTD tax submissions I need to separate out income and expenses. Is the only way to do this is to delete the bank payments and then input new entries for the gross rental income and each type of expense?

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Hi Hilary,

Yes, you can undo the bank explanations by heading to Dashboard > Bank accounts > All unexplained statements > Click X to explain beside the statement > Then click on the All tab > Click the Red Wheel icon to undo a transaction.

To split a transaction with agent fees, please see Section 6 of: How to explain imported transactions as income or expenses

Tommy

Best answer
4 days ago

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