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this question is in the context of real estate transactions, more specifically I'm recording transactions done by our property manager...using quickbook online
property manager collects rents and sometimes pays vendors for small bills, like a small water leak let's say. at the end of the month, PM sends me an owner statement and deposits in our checking account the amount left after collecting rents, paying vendors (if needed), and paying themselves a management fee.
what I've been doing on our side is follow the invoice workflow:
Create invoice for each tenant -> "receive payments" on the date the money hits our account -> "create bank deposit" and details all the transactions -> match deposit to banking transaction.
which works great, but..in the case of vendor payments done by PM: I would like to create a bill on my side and then record the bill payment that has been done in the bank deposit with all the transactions from the PM owner statement. just so i can go into the vendor page and see all the transactions in one place
doesn't look like this is possible...so what would be the recommended way?
i do know that i can record the payment been done on the day we receive the funds and that seems to be working,.. the problem is that there's no link between the payment and the banking transaction and/or deposit so i can't trace it back from where the payment comes from.
hope this makes sense,
Alin
Thanks for visiting the Community space, AlinS.
I understand that you need to view all the expense transactions on the Vendor page. However, we're unable to link the payment into the deposit/downloaded bank transaction since the small bills we're directly paid by the property manager.
To track them, you'll want to consider adding a memo to the bill to indicate that its payment is related to the bank deposit. Here's how:
Although, I'd also encourage consulting an accounting professional for other tracking options.
For additional reference while working with your other vendor and expense transactions, you can browse a topic from this link: Expenses and suppliers.
Drop me a comment below if you have any other concerns or follow-up questions. I'm always here to help.
Appreciate the answer. honestly, i thought is something like this (already using the notes field), I figure I should ask just in case I'm missing something
Alin
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