This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Marketing

A bit of data which remembers the affiliate who forwarded a user to our site and recognises orders from those who become customers through that affiliate.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Reconciling letting agent statement that includes costs

Tips and advice on how to use Landlord Vision.
lucyscrann
Posts:1
Joined:Sat May 04, 2019 4:21 pm
Reconciling letting agent statement that includes costs

Postby lucyscrann » Sun May 12, 2019 1:01 am

Hi, wonder if someone can help please!

We have a number of fully serviced /managed properties through different letting agents.

On their invoices they will include any incurred costs such as plumbers, information boards etc.

They deduct these costs from the rental income - so we will only ever receive the rental income less costs incurred. To illustrate

Rental income £1040
Management fees £133
Costs - 35.13
Monies paid to us - £872.87

When I view the agency statements and try to reconcile with the bank statements - it is only showing the rental income less management or admin fees.

What is the best thing to do in this position? How can I include the associated costs on the statements? Or is there a better way of doing this?

Many thanks in advance

ak45_ukhot
Posts:1
Joined:Fri Dec 16, 2016 1:15 pm

Re: Reconciling letting agent statement that includes costs

Postby ak45_ukhot » Sun Nov 03, 2019 10:53 am

Not sure if you have solved but I had same issue, what you need to do is create a liability account for your agent. Then create a payment in tenant manager and it will ask you to select which invoice the payment is to come from. So for example say you received £450 in October and you incurred a £55 expense you would allocate the payment as being made from the tenant on your behalf as its coming out of the rental income.

This way it will only show you received £395 in landlord vision, see link below although I did not use misposting I just created an account for the agents expenses as a liability it works same way...

https://landlordvision.userecho.com/kno ... f-landlord

pedrithesn
Posts:1
Joined:Sat Oct 26, 2019 1:26 am

Re: Reconciling letting agent statement that includes costs

Postby pedrithesn » Thu Jul 23, 2020 4:50 pm

why not create an expense on the Agent-Fees TAB
and if u link it to the same statement ... your invoices should match

i do the same thing


Return to “Functional Support”

Who is online

Users browsing this forum: No registered users and 2 guests

cron