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Our Property Management company uses Buildium for our Rental Properties. They track the few bills such as utilities, lawn maintenance etc. The Property Management company collected the gross rent and then disbursed to me the net rent after expenses and fee is paid. That amount gets deposited into my bank account (net amount).
So my confusion is when I reconcile my business bank account the only money shown is the net rent amount. So how would I entered the gross rent and expenses, as well as show the deposit of the net rent that came through the bank. I know it’s a double entry journal but not sure how it should be done.
please help
There are various ways we can enter your expenses and gross income in QuickBooks Online (QBO), @KDiaz0403. With that, I'm here to guide you thoroughly.
To enter your transactions in one and match this to your existing banking transaction, we can make a Bank Deposit and enter the following expenses and fees. Here’s how:
Once done, we can go over to your bank feeds to match this with your existing bank transaction.
On the other hand, you can record separate expenses or check transactions to be posted to your bank account. After that, we can make a bank deposit with the gross amount to be posted to the same bank account.
After posting the amounts, this will offset your account balance. Then, you can exclude the existing bank transaction from your bank feeds.
Moreover, I still recommend consulting with your accountant for other ways of recording these transactions.
Furthermore, you can start reconciling your account to keep your books accurate and prevent discrepancies.
In case you need additional assistance in managing your bank transactions, please get back to this thread. I want to ensure everything is taken care of. Have a good day!
Thank you. I know how to enter the expenses and income into Quickbooks. It’s the double entry for this particular transaction that I explained.
I made an integration for something similar, so you can migrate the bills from one to the other https://www.facilo.co/app/ . There is the link.
If there a specific migration you want for you to avoid double entries let me know so i can make it for you.
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