Property accounting for landlord / tenant / estate agent

Thanks John.

It does indeed show a credit of 900; that needs to be paid out to the landlord.

But so far I only created an invoice - its not been paid by the tenant. Will be out of pocket rather quickly with that report.

Hi Adam,

The Reports > Other > Transactions menu will show the balance of each account code. If you select a Heading in the search filters you can view the balance for an account type (a group of account codes). You can view/edit your account codes and account types on the Settings>Codes menu.

What report shows the "Account Code" balance? (and breakdown if possible)

Hi,

Thanks for contacting Clear Books support.

Given the scenario where an agent invoices a tenant for rent and the agent then retains his commission and passes on the balance to the landlord the following steps should be taken.

Let’s assume rent of 1000, commission of 100 with 900 payable to the landlord.

From Agent’s Perspective:

Create a new account code in Settings > Codes called Rent Owed To Landlord as a current liability. This represents the money you (estate agent) owe the landlord.

On receiving rental income of 1000 from the tenant create a sales invoice with two line items. Use the special account code Rent Owed To Landlord for the landlord’s share (900) and a standard account code such as Commission for your share (100).

On paying the landlord create a Money Out transaction for 900 using the account code Rent Owed To Landlord. Doing this will clear down the Rent Owed To Landlord to zero.

All the best,

Vanish