If I’m using a property management company do I want to record rent payments when I actually receive the rent check from the property management company or do I want to record the rent received when the property management company receives the rent?
@ehaug87 Good question. This is probably something you want to ask a qualified CPA to make sure you’re approaching it properly for your specific tax situation. I can tell you from experience that most owners who use both a PM and Stessa, tend to record rents when the tenant actually pays the PM. They then also record a “Transfers > Owner Distribution” when the PM pays out, for tracking purposes. Does that make sense?
That makes a lot of sense. Thanks!
Would I want to do a Cash Out or Cash In for the Transfer transaction?
I suggest “Transfers > Owner Contribution” “Cash Out” when you’re writing a check to the PM, and “Transfers > Owner Distribution” “Cash In” when you’re getting paid from the PM. Make sense?