Posting property maintenance
Posted: 04 Feb 2015, 11:29
Hi, I'm a newbie on here. I'm a newly practicing bookkeeper in Bury, Greater Manchester.
I've got a new client who has a single property. It is managed by a local agent who has provided him with income & expenditure statements.
Income is rental income; in this case two months rent of £350 each. The expenditure is an 8% management fee with VAT, taken by the agent and an invoice for a gas service which has no VAT. The balance is remitted by the agent to my client's current account.
The client does not require, at this stage at least, specialist property management software, and I would like to use SAGE 50 for this task. But I am tearing whatever hair I have left out trying to get my head around this.
Firstly, who is the customer? The managing agent or the tenant? Or is the agent a supplier? Is the gas repairman a supplier, or should I just record it as an invoice from the agent?
Then, when the tenant pays his/her rent, 8% of that goes to the agent, a chunk goes to the gas man and the balance hits my client's 1200 current account. How is this all properly recorded?
I'm sure once I've done it once I'll be able to replicate it. I'm thinking the least complicated, if not easiest way is via an excel batch journal entry of DRs and CRs until everything is balanced.
I would appreciate any input that people may be able to offer, thank you.
I've got a new client who has a single property. It is managed by a local agent who has provided him with income & expenditure statements.
Income is rental income; in this case two months rent of £350 each. The expenditure is an 8% management fee with VAT, taken by the agent and an invoice for a gas service which has no VAT. The balance is remitted by the agent to my client's current account.
The client does not require, at this stage at least, specialist property management software, and I would like to use SAGE 50 for this task. But I am tearing whatever hair I have left out trying to get my head around this.
Firstly, who is the customer? The managing agent or the tenant? Or is the agent a supplier? Is the gas repairman a supplier, or should I just record it as an invoice from the agent?
Then, when the tenant pays his/her rent, 8% of that goes to the agent, a chunk goes to the gas man and the balance hits my client's 1200 current account. How is this all properly recorded?
I'm sure once I've done it once I'll be able to replicate it. I'm thinking the least complicated, if not easiest way is via an excel batch journal entry of DRs and CRs until everything is balanced.
I would appreciate any input that people may be able to offer, thank you.