I am experienced in "normal" business accounts (on Sage 50) for your typical Customer/Supplier/Bank in and out type of business, but I have been asked to set-up Sage accounts for a Property Management Company who have numerous properties with numerous Landlords and I'm confused as to whether the Landlord is a customer or a supplier! I have scenarios for both, but don't know exactly the best way to go about this. Any ideas would be appreciated.
Also some guidance on the nominal codes would be appreciated, I've set up 2103 Client Account Liability 2104 Rental Income received by tenant 2105 Rental Income paid to Landlord 4003 Property Fee Income
I don't know if these would be right and then I have to add invoices for repairs done to the properties with a mark-up and I'm not sure whether these come under 6002 or 5000??? Also where would that mark-up be shown - I need the total showing on the Landlords statement!
