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.

Reimburse management fees

Tips and advice on how to use Landlord Vision.
raaraa
Posts:10
Joined:Sat Sep 03, 2016 3:48 pm
Reimburse management fees

Postby raaraa » Wed Nov 09, 2016 8:47 pm

Hi - how do I record the following set of transactions?


We have just purchased a tenanted property, and the selling agent has agreed to pay the management fees for the first 6 months.

The tenant pays £100 per week rent to the managing agent

The managing agent takes 10% fees and sends us the rest

We give the managing agent's statement to the selling agent

The selling agent reimburses us for the managing agent's fees

Thanks!!!

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: Reimburse management fees

Postby emm » Thu Nov 10, 2016 9:09 am

Hi!

Set your tenancy up as managed by a letting agent (in your case, it's the management company) and enter a fee of 10%. When you record rent being paid from the tenant to the management company (under 'Payments' and then 'Tenant to Letting Agent' tab), the 10% fee will be deducted and you can show the balance paid over to you under the 'Letting Agent to Landlord' tab.

To then show the reimbursement from the seller agent, go to Property Manager => Income.

Thanks.

raaraa
Posts:10
Joined:Sat Sep 03, 2016 3:48 pm

Re: Reimburse management fees

Postby raaraa » Sat Nov 12, 2016 8:45 pm

Thanks!

Next question as I'm setting up the property management fee - what are the vat codes all about? No help from Google...

What are the implications of selecting a particular code?

roy
Posts:58
Joined:Tue Aug 23, 2016 11:38 am
Location:United Kingdom

Re: Reimburse management fees

Postby roy » Mon Nov 14, 2016 10:04 am

Hello

Landlord Vision only calculates VAT on Letting Agent's fees. The VAT codes were put in for statements only, so that a person can match the statements against those generated in LV. As the software is only for residential landlords, we have no VAT functionality for expenses or rental income

Regards

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: Reimburse management fees

Postby emm » Fri Nov 18, 2016 9:44 am

Hi,

Go up to Settings and click on 'VAT Codes'. The coding descriptions can be found there.

All the best.

raaraa
Posts:10
Joined:Sat Sep 03, 2016 3:48 pm

Re: Reimburse management fees

Postby raaraa » Thu Nov 24, 2016 8:40 pm

Back on the tenant payments to the managing agent - does this mean I have to manually record each individual payment from the tenant to the agent?

With a number of properties making weekly rent payments that could turn into quite an exercise - is there any way to make those payments recurring and record any exceptions?

Thanks


Return to “Functional Support”

Who is online

Users browsing this forum: No registered users and 4 guests

cron