The rent I receive for a property is $850 and the management fee is $68. I receive a bank wire from the property management company for $782.
Should I do Rent Income $850 and then split it into a Management Expense of $68?
@ehaug87 I would do it as you described, yes. You want to see the total gross rent ($850) on the books, and then the PM fee ($68) as a separate expense.
Hi guys, does anyone know if this can be automated if you have a propertyware linked account? For me is currently double counting the income (let’s say I have $1000 rent income with $100 management fee: I see the 1000 income into the PM propertyware account, and a negative $100 in the PM propertyware account, but then I see again another $900 income in my bank account, so it counts it as if the total income is 1900…). How can this be done properly in an automated fashion? thanks for your help!
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Hi Simone, did you ever figure this out? I have the same issue where income is being counted in each of my property’s rent then again as the deposit into the checking account. Maybe we should the 2nd income deposit?
Best practice here is probably to categorize the net $900 distribution into your bank account as “Transfers > Owner Distribution,” assuming you’ve already accurately captured the $1000 rent and $100 PM fee.
To the extent you do this action on a recurring basis, Stessa may pick up on your pattern and start to make the category assignment automatically going forward. It’s not a perfect science but tends to work best when the line item in question is identical in all ways (except date) to a previous iteration of the same income or expense item.
So we need to edit the deposit to say what the original income was and then record each expense separately but within the same transaction?
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