Property accounting for landlord without managing agent

Hi Nicola,

Thanks for posting on Community. Have a look at this link as I think it relates very closely to what you are asking: https://secure.clearbooks.co.uk/community/questions/4585/property-accounting-for-landlord-tenant-estate-agent If you need any further details, please just ask.

Many Thanks

Chris

Hi Chris...it doesn't at all. That topic relates to being an agent whereas there is no agent involved in this business...it's strictly landlord and tenant...

Hi Nicola, Sorry about that. Without an agent you can either create bank accounts for each of the properties individually or have one for all the mortgage payments coming in by going to: Money > Bank Accounts > Add.

As there will already be a mortgage amount on the account you wish to pay off you'll have to change the opening balance of this account. To do this head over to Settings > Getting Started > Cash. You can change this to your Mortgage opening balance (for all or for each property(ies).

To ensure the account behaves in the right way you can go to Settings > Codes > All and for that account toggle on 'Show in Sales' and 'Show in All'.

To actually pay the monthly mortgage click 'Money In' for the new account you created and put the bank account as your new mortgage account(s),

When you are explaining the transaction there is a tab called 'Transfer' right next to Refund and Transaction, click on that and transfer from your personal account and confirm transfer.

And finally to account for your Interest, do a money out from your personal account using the account code as your newly created 'Mortgage' account.

So you can either do each property as a different account or do an overall account for this 'business' type.

I hope this is more like what you wanted.

Chris