Find out how to split your rental income transaction
In this video you will learn how to break down a large lump sum payment and assign income and expenses to the defined categories and stakeholders.
Having access to the breakdown of payments will not only save time tracking different transactions, but will also provide a total income amount and outline any missing payments.
For example, click on the property, head over to the box on the right hand side and hit ‘Split Transaction’ option.
Tip: You can add as many transactions as you need, which will then be summarised as sub-totals and checked if they add up to the total amount.
- Add your transaction amount (i.e. £1,000), choose category ‘Rental income’, select ‘Property’, select ‘Tenant’ and ‘Payment period’ and hit ‘Save’.
- Please note: All our categories and sub-categories feed into the tax statement in real-time.
- Repeat the same process for the next transaction.
- Add the remaining amount of £450.42 as deposit. Choose category ‘Deposit’, select property, tenant, payment period and save.
- Check the sum adds up to the overall income of £1,450.42.
- Choose ‘Finish Tracking’ and you are all set.