Level 2

Reports and accounting

So your saying record full amount of rents from the the agents (They are listed as Vendors) as a deposit, then issue credit memos to each customer?

I guess what I'm tripping over is the amount of rents, what really was deposited, and how that all interacts with downloading your bank transactions.

So lets make an example. Lets say the operation grossed $10,000 a month in rents, after repairs and agent fees the agents deposit $8,000 to my account. Now, I download the deposits of $8,000, then get the Owners statement a week or more later, so I then would record another $2,000 in rents, and issue a credit to the Vendors(?)/agents?

At some point I would not mind tracking it all the way down to each unit, but for the time being per agent is fine.

The peace Im having a hard time with is cash flow reporting and reconciling statements. I know reconciling statements I can just check the fake deposit off, however I still have the problem of the cash never really entering of leaving the account. So when issuing a credit is that something I setup with a Item or Class?

I need my P&L, Cash Flow, etc. all to balance out. So I know at all times what cash I really have and where the expense went before I was paid.