Question asked by Hilary C Lane 2 months 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?
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 answerHi Hilary,
From the main dashboard, navigate to Settings > Account Codes > For Management fees, tick the "Show in sales" and "Show in purchases" checkboxes > Click the "Save display settings" button to apply your changes.
Then, when you explain the transaction, you must amend the amount to the negative amount of the management fees, for example -50 and click Add Receipt. Then, you can explain the gross rental income.
Tommy
When I try to split the transaction I type in the gross rental income and the press "add receipt". This leaves an unallocated negative balance which I wish to allocate as management fees. Unfortunately I can't see how to do this.
Hi Hilary,
You can only split a transaction by explaining the transaction from an imported statement.
To head into the imported statement, you must head to Dashboard > Bank accounts > All unexplained statements > Click x to explain beside the statement. Then, you can split the transaction when explaining it.
Tommy
I'm sorry, but I just do not understand from the instructions how to split a transaction with agent fees.
The instructions state "Identify and click on the specific transaction you need to explain." When I open the specific transaction in question, I get a page titled "View REC000051". The instructions then state "In the "From" dropdown menu, select a contact" and "In the "Account" field, begin typing and then select the account code you want to use as the processing fee." However unfortunately I cannot find any "From" or "Account" fields.
Please could yo advise what I am doing wrong.
You must 