Do i include the pet fee to with rental income or i set it up as other income.
Same question for garage fee, Technology administration fee and Trash utility billing $34.0
these are all part of the lease agreement that i have for the tenants of the property i purchased.
@pantheonallin If you collect all of these fees already bundled within the rent, then you would just record the rent as “Rents” income. Example, rent is $1,000/mo and this amount includes the allowance of pets, garage, and technology. If you issue separate charges to the tenant, I would personally record these are separate incomes. Another way to clarify, does the tenant have the capability to pay rent, but not pay the pet fee, garage fee, and technology fee?
For trash, if you receive the bill from the trash company and then pass that charge to the tenant, I suggest recording it as a “Tenant Pass-Through”.
Pet fee has its own subcategory to select.
Separating out the charges allows you to make a more thorough analysis and better business decisions.
Hope you find this helpful.
-Tom
Hello Tom,
I am going to have many questions. 
Question 1
I would like to separate each charge. They are part of the lease agreement yes, but each is mentioned as a spearare cost. Plus what if the pet is no longer around? I would have to redo the lease data for the tenant? (It just makes it more confusing. We just purchased (1/9/24) two unit property, so I’m trying to set it up on stessa. (i already have a 3 unit)
I am going to be honest with you, I also set up the whole thing on QB to compare two.
So Stessa does not generate invoices, correct? At least i could not figure out where to find it. (my second day on Stessa ;))
So what do you send to my tenants?
If i set up each of these charges will they be recurring automatically just like the rental income?
For Unit 1
i have the rental income date 2/1 with the circle arrows going around - i assume it will be recurring.
i set up the Pet fee as “other charge” 2/1, but i don’t see the circle arrows going around - so i have to do this billing manually each month? that is not good
I set up the Technology Administration fee 2/1 as a tenant -pass thru (already in the lease from the prior landlord) but this also missing the circle arrows going around. Why?
Unit 2
Has the rental income, Tech admi fee and the lease agreement reads I am supposed to bill them $34.00 trash automatically and don’t have to provide the bill. The town the property located there is a trash fee of $34.00/unit maybe that is the reason…anyways it is not it the lease of Unit 1
Question 2
how do i record if i paid some expenses for out of pocket on behalf of my LLC?
or same issue when i when the real estate agent keeps the first month rent as commission?
in QB i would just make a GJE to record the rental income, record the commission expense.
Or if i paid something on behalf of my LL i would record it against Partners 1 short term loan or Partners 2 - Short term loan.
none of these would hit the cash account.
Can you see my account?
i uploaded one of the partners DL but it was rejected. Do you know why?
i have more questions but i don’t want to overwhelm you
unfortunately i can only see your reply when i get home from work
I just want to get it set up 100% because 2/1/24 is approaching…
Thanks for your help!!
Gabi
Gabi,
I just want to be clear, I am not a representative of Stessa nor do I work for their tech support team. I cannot see your accounts or anything you have set up. I am a fellow Stessa user, investor, and offer bookkeeping services for landlords where many of my clients are using Stessa. I am well versed in Stessa.
You can tackle the rent collection one of two ways -
- collect as one rent then split them yourself into the appropriate categories. this assumes that your numbers do not change from month to month
- automate the base rent then manually add your dynamic charges every month. this method may be more hassle but it would be accurate if your charges change regularly.
This how-to article from Stessa on rent collection may help you get started however I think your situation is more advanced.
If you want to discuss your unique situation in a whole lot more detail, I do offer bookkeeping consulting services on an hourly basis.
-Tom