Recording Rental Mgmt company bills

[Tuc at Beach House]

On 4/1/07, Cam Ellison <cam at ellisonpsychology.ca> wrote:
>
> Tuc at Beach House wrote:
> > Hi,
> >
> >      (Sorry for my non-usual email address... GNUCASH.ORG doesn't like
> that
> > my primary MX is about to take a dirt nap.)
> >
> >         I was wondering how everyone records rental property statements
> > from the management company. I was looking to do it as a bill from them,
> but
> > it only lets me pick from assets/expenses/liabilities. I get bills like
> :
> >
> > 1/1/06 - RENTAL NAME - RENTAL DATE - 1,897.50CR             BAL: 1,
> 897.50CR
> > 1/1/06 - Comission -                607.20                  BAL: 1,
> 290.03CR
> > 1/6/06 - Listing Fee                150.00                  BAL: 1,
> 140.30CR
> > 1/6/06 - Linen fee                  100.00                  BAL: 1,
> 040.30
> > 1/6/06 - Maintenance -Fix door      100.00                  BAL: 940.30
> > 1/31/06- ACH to owner               540.30                  BAL: 400.00
> >
> >         I need to be able to track all comission, other fees, linen
> fees,
> > maintenance charges, and then get the ACH to my Assets/Checking account.
>
> IANAA, but my wife and I have rental properties.  We show the gross
> revenue under Income, and the commission, etc. under their own expense
> categories.  Treat it as though you actually received all the money
> (which you have to account for at tax time, anyway) and then disbursed
> portions of it, but do it in a split transaction in your chequing account:
>
> Income:Rental          1897.50
> Expenses:Commissions              607.20
> Expenses: Listing Fee             150.00
> Expenses: Linen Fee               100.00
> Expenses: Maintenance             100.00
> Assets:Checking                   540.30
> Assets:Receivables                400.00
>
> I'm glad I don't have to pay out commissions like that....
>
> HTH
>
> Cam


Hi Cam,

        Thanks for the reply.

        I guess putting it under the checking account would work. There
are a few bits I don't know how to handle subsequently...

        Since I get the deposit before the guest stays (Thats the
1897.50 you see... The full rental is 3795.00. I think my comission
fees are steep, but not THAT bad. ;) ) I wondered if I shouldn't carry
it as some sort of liability since even though I got that money on
Jan 1, 06, it was for a stay on June 10, 2006. I had an instance where
they paid all the money, and then a hurricane happened and we had to
refund them monies.

        I also wanted to try to figure a way to carry it all in the month
it actually happened, so if I ran a monthly Income/Expense report I could
see if I made/lost money on the month.

        Next I don't always end up with a $400 balance at the end of the
month. The first 4 months I didn't set up auto-pay, and then one or two
months they dipped into the "reserve". How would I know/record that
the Receivable was dipped into, and/or replenished?

        Or am I trying to make things just too dang hard on myself and
don't go by the invoices I get, go by when they throw the money in the
account. If so, I still need to figure how to work out getting money
in Jan for the stay in June and making sure it showed up on my June
Income.

                Thanks! Tuc