[GNC] GnuCash for a Letting Agency (holding client money)

[Adrien Monteleone]

Oli,

David answered everything else so on this point below I’ll suggest this question:

Are these one-off projects part of or incidental to your letting business? If so, then simply create invoices for them as customers as normal.

If not and this side-work is unrelated, then you need to ask yourself another question:

Is the Letting Agency a legal passthrough, or a separate legal entity? Here is where you really need to speak to a local business attorney *and* CPA.

If the Letting Agency is a separate legal entity from you and files separate tax returns, then you probably need to also have a personal GnuCash file. These one-off side jobs would be recorded there. Having separate books might very well be a legal requirement.

If on the other hand, you file a single personal return and there is no separate legal entity, then everything is ‘your activity’ and you *can* put it all in the same file or ‘book’. I emphasized ‘can’ because in this case, it would be your choice. You can still keep separate books if you like.

Regards,
Adrien

> On Feb 22, 2019, at 7:07 AM, zcacogp <gnucash at deep-green.co.uk> wrote:
> 
> 
> - Occasionally I do one-off projects for people who are not landlords. This
> leads to a regular invoice being raised and the client paying me the amount
> owed. This is different from the 'usual' situation as there is no rent to
> consider, just an invoice being raised and then being paid. 
> 
> 
> Oli.