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.

Truthsayer

thanks for responding. The second option would leave me with a duplicate amount in the bank account or cash balance. One for the transfer and the actual amount that I’m paid that is actually reflected in my bank account in Simplifi.

I’m going to try the third option. That sounds very streamlined.

I just wanted to show income and receivable at any amount in time. But you’re saying if I just want the income part I should set up the reminder, correct?

thanks again!

ar77

Has anyone checked out the optional $ business ad-on? The business ad-on lists different businesses including rental properties with corresponding tax documents. But I'm not sure how rental income is handled. I'm trying to figure it out