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Recording of Rental Income, Agency Commision in Sage 50

  • Associate
  • Practice Licence
  • 4 posts
  • # 115088

I have a client who has a number of properties that he rents out. These are handled by a Letting Agency to whom commission is paid. He is wanting as much detail as possible with respect to the rent form each property. I am getting in a spin about how best to record this in Sage. Should I just have 1 Rent Account in 4000 and distinguiish each property by a reference number so all rent received goes in to 4000. Agency Commission comes out of Direct expenses.

Should each person renting be set up as a Customer or just the Letting Agnecy

Many thanks for any guideance

Gilly

  • Member PM.Dip
  • Practice Licence
  • 397 posts
  • # 115103

Hi Gilly

 

As the letting agency is the one forwarding you money and not each individual tenant then I would just have the agency as the customer.  Regarding providing more detail I suggest that you allocate each property a department number and use that against each properties income and expenses.   Doing it this way you can then do a transactional P & L for each property so the client can see which ones he is making a profit on etc.

 

Regards

 

Liz

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