How best to enter transactions from rental management company.

vronp

Hi all,

I have management companies handling rental properties. Each month they provide a statement that contains transactions like incoming rent, maintenance costs, management fees, etc. I used to run Quickbooks and there I could post a "single" transaction while splitting out the income and expense line items. This yielded a net deposit amount that matched up what showed up on the bank statement. It was all very clean.

In Wave, I don't see how to do that. As a result, I am entering the gross incoming rent and itemizing all of the expenses charged by the management company. The problem I face is that I'm entering transactions that are not on my bank statement.

Is there a cleaner way to do this in Wave? I need to account for the gross rent and all expenses in my year-end statement but I would like to also have the bank statement transactions match up.

I hope this was all clear. I'm sure I'm not using the proper accounting terminology....

thanks

vronp

I did some searching and believe this is known as a "split transaction". However, it's a combination of deposits and expenses. For example:

1500 monthly rent deposit
150 rental management fee expense

On my bank statement I see a $1350 deposit from my rental management company. QuickBooks let me itemize the deposit transaction to account for the management fee and provided a net deposit that matched the bank statement.

Barsin

Hey @vronp

Thanks for your post in our community. Unfortunately at this time there is no way to achieve this. Check out THIS THREAD for more information and people's workarounds.

Essentially you're going to want to create journal transactions debiting your income account and crediting the expense account of your choosing.