Thank you! That was helpful. Another question - I do create invoices for tenants but I don't send them these invoices. I just do that to keep track for my own records and to be able to send the owner reports. The invoice that really needs to be sent out is the one to the owner that shows income earned less repairs & maintenance less management fee, for each month. But I can't figure out how to do the above recommended scenarios and include the management fee in the invoice because I need this fee to show up as income to my company and an expense to their property. Additionally at the end of the tax year I want to send the owner a report with the total income and expenses for the property (that includes management fees). I enter all the repairs and maintenance and other expenses that my company pays for as billable expenses labeled to the specific property (job) which then permits me to add these to the invoice. If I put the management fee directly in the invoice so it posts as income to my company, I can't (or so it seems) assign it to a job so that when I pull a report for that job the charge will know to show up as an expense for the property. Thanks again!!
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When I follow the instructions in the above "Example:" for the "Due to Owner" account I first made it an income account (because I thought that made more sense) and then changed it to an asset account (as in the directions) and in both scenarios the sales receipt posts to the Due to Owner account as a decrease. Is this correct?
When I write the check to the owner with the deposit detail containing the Due From Owner amount as a negative, it also appears as a decrease in the Due From Owner account. Is this also correct? It doesn't seem like the above two scenarios should both be correct. Am I wrong?
Additionally, when I received the rent payment, I deposited it into our bank account. When I enter a sales receipt for the management fee it asks me where to deposit it, my bank account, or undeposited funds. The thing is, this management fee is supposed to come from the rent that was paid and already deposited, so it's like depositing twice. What am I missing?
Thanks in advance!
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