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Post Info TOPIC: Rent Owed
Mrs_Fireeyestiger


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Rent Owed
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I am currently working through a "Teach Yourself" book on Bookkeeping while saving up for a course. I have got stuck with how to log rent owed. I have a Rent Account in the Nominal Ledger and can put a CR in this but where does the DR go? I only have a Purchase Ledger and a Sales Ledger to play with, do I need a "Landlords Account" somewhere? Should I treat this as a credit purchase?

I am ok when the rent is paid as the CR goes to Cash and the DR goes to rent.

Thanks



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Mrs Fireeyestiger x
Mary


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If you owe rent then this amount is a creditor. Therefore you need to debit rent in the nominal ledger and credit a creditors account, normally accruals. If there is an invoice for the rent but it hasn't yet been paid, then this would again be a debit to the nominal ledger (P&L) and a credit to the purchase ledger in the Balance Sheet.

Mary

-- Edited by Mary at 09:55, 2008-10-28

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CBS


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Also, when you make the payment to rent, don't forget to reverse the arrcual made of the rent owed.

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