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Reimburse management fees

Posted: Wed Nov 09, 2016 8:47 pm
by raaraa
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


Re: Reimburse management fees

Posted: Thu Nov 10, 2016 9:09 am
by emm

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.


Re: Reimburse management fees

Posted: Sat Nov 12, 2016 8:45 pm
by raaraa

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?

Re: Reimburse management fees

Posted: Mon Nov 14, 2016 10:04 am
by roy

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


Re: Reimburse management fees

Posted: Fri Nov 18, 2016 9:44 am
by emm

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

All the best.

Re: Reimburse management fees

Posted: Thu Nov 24, 2016 8:40 pm
by raaraa
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?