What type of Account to enter

ashleyp74 · ‎January 16, 2024

We are a venue space company for customers to rent out for their events. Our Landlord receives a percentage of the venue rental income we receive from customers. We have other sources of income but they only receive a portion of our venue income. In the past we have just written them a check of the percentage at the end of the year and put it to "rent expense". However, I want to start tracking it more clearly, per event. But I am not sure how to add this account in quickbooks desktop. Would it be an expense account or a liability? I want it to hit the P&L so it hits our Net Income. Sorry - this is just a bit out of my wheelhouse. I appreciate any input.

MorganB · ‎January 16, 2024

Welcome to the Community, ashleyp74.

I want to make sure you're able to get this account entered in your QuickBooks Desktop account.

While I can tell you how to enter a new account, I would suggest consulting with your accountant about the specific type; expense vs. liability. Your accountant will be able to give you the best advice based on your unique business setup and workflows. If you don't currently have an accountant, you can find one in your area that is specifically trained in QuickBooks by searching here: Find a ProAdvisor

If you need additional assistance with the entry after speaking with them please don't hesitate to reach back out. I'll be here to help in any way that I can.

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What type of Account to enter

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