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Payment from Landlord to Letting Agent

Tips and advice on how to use Landlord Vision.
hanulienka
Posts: 3
Joined: Wed Oct 18, 2017 8:16 pm

Payment from Landlord to Letting Agent

Postby hanulienka » Fri Oct 27, 2017 6:56 am

Hi,

The arrangement with my letting agent is that they keep a float in the account for any repairs and other payments. Occasionally, the float doesn't cover the repair and so I (as landlord) would have to pay the letting agent to top up the account before they pay the contractor.

What would be the best way to show this? Can I create an invoice for the Landlord (rather than a Tenant Charge or Rental Income invoice)
I don't think a property expense is right as I can't add it to the LA statement.
Also, because this a was a bank transfer from an account, I'd need to be able to reconcile it as well.

Thanks for any help.

roy
Posts: 37
Joined: Tue Aug 23, 2016 11:38 am
Location: United Kingdom

Re: Payment from Landlord to Letting Agent

Postby roy » Tue Oct 31, 2017 12:16 pm

Hello

Thank you for contacting support

Create your statement in the usual way to show the rental income and the commission and add the expenses that the agent has taken from it. This will then leave you with a statement showing a sum owed to the agent. Use the Add Refund button on the Statement to record the amount that you have paid to your agent. This will show on your statement

For completeness, if the agent carries the charge on to the next statement, use the Carry Balance Forward button and this sum will be deducted from the next rent

Kind regards
Roy

hanulienka
Posts: 3
Joined: Wed Oct 18, 2017 8:16 pm

Re: Payment from Landlord to Letting Agent

Postby hanulienka » Sat Nov 04, 2017 7:06 am

Hi Roy,

Thanks for the info. I can't seem to get this to work.

In my particular scenario, I paid £550 to cover the repair work, but it actually turned out to be less than that (£343)

When I try to create the refund it says "Amount refunded exceeds remaining credit".

Any ideas?

Thanks

hanulienka
Posts: 3
Joined: Wed Oct 18, 2017 8:16 pm

Re: Payment from Landlord to Letting Agent

Postby hanulienka » Sat Nov 11, 2017 2:22 pm

Is anyone able to help?

Thanks

datownsend
Posts: 1
Joined: Sat Sep 15, 2018 4:28 pm

Re: Payment from Landlord to Letting Agent

Postby datownsend » Mon Oct 01, 2018 7:03 am

I too face the same problem, eg - I paid a sum of 1750/- to the Agent as advance payment against a quote for boiler replacement but the actual amount charged was 1700/-.

On the Agents Statement it shows the amount of 1750/- I paid to them as Income plus the rent received from the tenant.

Under Expenses the Agent's statement shows the Contractors invoiced amount of 1700/- for the replacement boiler plus agents fees and further expenses incurred

Finally there is a net amount of 50/- paid to me

How and where do I record the advance Payment I have made to the Letting Agent ? (for the new boiler) and the net amount received.

Appreciate any help


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