How do I

How do I… Post a receipt of rent for an investment property?

To add Rental Income from Properties owned by your Superannuation Fund,

  • Select the INCOME tab and click the ADD INCOME button.
  • Select the Account —Fund, or a Member Account if the income is from a segregated asset.
  • In the Select Asset field, select the property for which you wish to record a rent receipt.

Select a property asset

  • When you select a Property in the Select Asset Field, Mclowd displays:

Add new rental income

  • The only Income Type permitted is Rent.
  • In the Add to Account field, select the bank or receivable account into which the rental income is deposited.
  • Enter the Date the rent was deposited.
  • Enter the Amount of rent received.

NOTE: There may have been deductions from the rent for agent fees, repairs and maintenance arranged by the agent, etc.

There are multiple options for handling this situation:

  • You could enter the Gross Rent here, and then enter the deductions as Expenses paid from the same Bank Account. This will cause a number of entries to appear in the Bank Account records that didn’t actually occur and don’t match up with bank statements. However, the final balance will be correct.  See EXAMPLE 1 below.
  • You could enter the Net Rent here, thus only causing the actual amount received to show in the Bank records, and then enter the deductions through a Journal, showing the income to the Rent account and the deductions to the relevant Expense accounts.  See EXAMPLE 2 below.

    Click SAVE INCOME.



A statement from your agent shows:

Gross Rent received from tenant  


Agent commission


Repairs – kitchen tap


Maintenance – annual termite treatment


Bank transaction fee


Total deductions


Net Receipt deposited to client account  


EXAMPLE 1: Post Gross income ($1200)

Posting gross rent income

Go to Expenses and enter the deducted amounts.

Property expense entry

Take care to ensure you select the same bank or receivable account and date as you used for the initial income entry.

Choose Expense Account 5-1150 for each expense. Mclowd then allows you to categorize the expense as:

Classification of other expenses


CAUTION:  Do not allocate expenses that can be capitalized (acquisition costs, property improvements, new buildings or additions, etc.)  to account 5-1150 Other Expenses. This account is for operating expenses only. Expenses to be capitalized and depreciation should be allocated to 1-1170-nn accounts.

Select the property in the For Asset field to record the expense as a cost of this investment.

Continue entering expenses until all deductions are recorded.

Rent expenses


Your bank transaction report now shows:

Bank stmt example 1

Although the listed expenses won’t show on your bank statement, the statement will show the net deposit of $922 and the final balance will be correct.


EXAMPLE 2: Post NET income actually received ($922.00)

Posting net rent income

Go to Journal Entries (on the Settings menu) and enter the deducted expenses.

Jnl entry expenses

NOTE:  This method does not allow the detailed categorization that Example 1 permits.

Your Accounting reports now show the correct expense total:

Expense report example 2


And the correct Income total:

Income report example 2

And your bank transactions report shows the same entry as your bank statement:



about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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