Keeping Tenant Income Off Of Property & Owner Ledgers

In everyday regular accounting, payments posted to your tenant's ledger flow to the property and owner ledger automatically.  With one posted transaction, the income flows to all three ledgers.

Trust Accounting should always be transparent, however in special circumstances, you may not want to record income received from your tenants into the property and owner ledgers, rather your policies might dictate that this income is to be received at a company level and recorded to specific income categories.  

Once such scenario would be if your office accepts rental application fees from a tenant and those fees are paid directly to your management company, rather than the property they are applying for.

To post a transaction like this, go to the Tenants tab Post PaymentEnter the transaction details such as amount, category, etc. Make sure to select Property: None.

If you have already posted the transaction, and need to edit it so it no longer shows on the Property/Owner, you would simply go to the Tenant tab > open Ledger > right-click on the transaction that this is happening with > and make Property: None.

Keywords: Application Fees, Late Fees

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