I am working on Kashflow, and have an estate agent client who has set up suppliers (the landlords) and customers (the tenants). So, I input the rent received from tenant to the customer account, say £400, and input the rent paid to the landlord in the supplier account, say £350. How do i account for the management commission of £50?
Kashflow doesn't seem to allow you to just put something to a nominal code, it wants me to always open a supplier or customer. If i put it in as a customer, will that not count the revenue twice? or do I split the rent received as 2 separate payments, on of £350 from tenant, and then £50 from commission received? That makes sense, but then the commission isn't paid at the time of the money being received from the tenant, but at the time the rent is paid to the landlord. So, when the money is received from the tenant, I won't necessarily know how much the commission will be (as it's not always the same percentage)
Kashflow doesn't seem to allow you to just put something to a nominal code,
Hi Carol
Thats sounds barking mad! Sorry Im not a user of Kashflow so cannot give specific advise, but how do you key eg Bank charges or one off payments?
Also (and I may be missing something here) during the gap between tenants paying the rent and it going to the landlords, should it not be kept via a separate client account - both in the books and at the actual Bank?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Lol on the wait - we just type too fast. Welcome back to the land of the living Mrs and Happy New Year.
They were specially sourced glasses to be like those that I tried to steal from Manchester House....oops, kidding, professional ethics stop me from stealing. Oh and being a lapsed Catholic with the usual Catholic guilt issues. Oh and a Mum who still tells me off!
Anyway -
Its an espresso martini. (espresso, vodka, kahlua) GORGEOUS! No sleep if drunk after 11pm!!!!!!!Well last time I tried that I woke up at 2.30am completely wired!!!!!! Or I now do a Flat White martini with Baileys.....until the Baileys runs out.
Yeah cloudy based software is PANTS!!!!!!!!!!!!!!!!!!!!!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
...after having a cocktail in 63 Degrees.. which was coffee, cointreau, cognac and caramel syrup... we must go on our "accountants get pished after tax return season" night out!!
Yummy! Actually my son got them for me after me threatening to fit one into a very small handbag. Sister out law has just bought me some more for Chrimbo.
Will I be allowed on that - Im just a mere bookkeeper?!!
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Thanks for the replies, I much prefer the topic it turned to, than talking about accounts! Your drinks sound really nice Joanne
Yes Michelle they are all domestic so no VAT. Does that make it easier?
Joanne any one off payments I have had to raise a misc supplier account! Petrol I had to raise petrol account! I could see myself raising a supplier for every individual payment and it gave me nightmares! Bank charges you can do directly through the bank account bit I think.
I input the rent received from tenant to the customer account, say £400 - how do you input it? Sales invoice - if so what "code" do you credit it to? Or, do you input a bank receipt on account?
and input the rent paid to the landlord in the supplier account, say £350 - how do you input this? Purchase invoice - if so what code to you debit it to? Or do you input a bank payment on account?
I input a sales invoice and then allocate the payment to that invoice, the code used is rent received
I input the rent as a purchase invoice (as the amount paid to the landlord) the code used is rent paid. On this 'invoice' (it's more a statement to the landlord) it states amount received from tenant, management commission amount and then amount to be paid to landlord.
