Gross up a net rental deposit from property manager

cripplecreek27 · ‎February 19, 2022

My property manager deposits the net proceeds into my account less their fees, and property expenses. However, I get a 1099 for the gross rent, so need my books to reflect the itemized expenses. When I go to adjust the net rent to gross, of course it doesn't match the deposit amount recognized from the bank. What is the best way to go about this. I thought just a journal entry, but will leave the net deposit 'auto uploaded' as a duplicate.

thanks!

AbegailS_ · ‎February 20, 2022

Thanks for getting back to us, @cripplecreek27.

I'm here to help you manage your transactions in QuickBooks Online (QBO).

To verify, did you add the transactions from the Banking page instead of matching them? If so, you'll want to undo the process and match the downloaded transactions in QuickBooks.

To undo, here's how:

Go to Transactions > Banking > Categorized tab.
Put a check mark on the transactions you want to undo.
Click the Undo button.

The transactions will be added back to the For review page, where you can find a match or confirm it when there's already a matched.

After removing all the duplicate transactions, you may now proceed with reconciling the account. If you still get the same result, feel free to check out this article for some troubleshooting steps: Fix issues for accounts you've reconciled in QuickBooks Online.

Should you need further assistance reconciling accounts, I'm available here to help any time!

View solution in original post

Rustler · ‎February 20, 2022

When you get the monthly statement itemizing the gross and expenses, you need to enter that too.

Create service type items for each type of expense that are linked to the correct expense account

then use a sales receipt, first line is the gross rent item and the amount]

follow that with the expense items, use a qty of negative one, and the amount

save and then use make deposits to move the funds to the bank

download banking and match

cripplecreek27 · ‎February 20, 2022

Thanks for the reply. I've added the sales receipt as described.

If I've already uploaded the deposit (working on 2021 books), how would I match the new sales receipt to the previous net rent logged? At this point I still have both showing up on the P&L. Can you still match those up after the fact?

AbegailS_ · ‎February 20, 2022

Thanks for getting back to us, @cripplecreek27.

I'm here to help you manage your transactions in QuickBooks Online (QBO).

To verify, did you add the transactions from the Banking page instead of matching them? If so, you'll want to undo the process and match the downloaded transactions in QuickBooks.

To undo, here's how:

Go to Transactions > Banking > Categorized tab.
Put a check mark on the transactions you want to undo.
Click the Undo button.

The transactions will be added back to the For review page, where you can find a match or confirm it when there's already a matched.

After removing all the duplicate transactions, you may now proceed with reconciling the account. If you still get the same result, feel free to check out this article for some troubleshooting steps: Fix issues for accounts you've reconciled in QuickBooks Online.

Should you need further assistance reconciling accounts, I'm available here to help any time!

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Gross up a net rental deposit from property manager