Properly reflecting Rental Income in Simplifi

Truthsayer

I receive a rental payment from someone through Venmo. I want to track the amount and reflect it correctly, as well as have proper accounts set up. My thought was to create a rent receivable account, and a rent revenue account but I'm not completly sure what account type to use for each. My thought was to create a manual receivable transaction and a rent revenue transaction every month (Debit A/R and credit to rent revenue). Then, when I receive the payment, I'd credit the receivable account to get the balance to 0 or whatever the amount I'm owed is after I receive the payment, and the natural debit to cash would be the payment i receive as reflected in Venmo. Is this viable? If so, should the receivable account be manual account type that is other asset, and the rent revenue account be a manual other bank type account? I want to make sure the amounts are properly reflected and properly net out as I create the manual JE's (aka, receivable and revenue transactions before I receive the actual payment)

Any help appreciated.

SRC54

That's a perfectly good way to do it. The Receivable Account is an asset account. I would just mark it as a checking account or other banking account in Simplifi. Your Rental Income should be an income account.

So each month you have a transaction for Receivable say for $1000 with a rental income of $1000. When you actually get the money, you transfer the $1000 from the Receivable to your checking or savings account.

Or you can simplify it all and just have a reminder transaction in QS for the $1000 charged to rental income and when you make the deposit to your checking account, QS will match it with the recurring. That is what I would do unless I needed the receivable account for additional things.