To add Rental Income from Properties owned by your Superannuation Fund, select the INCOME tab.
Click the ADD INCOME button.
Select the Account – Fund, or a Member Account if the income is from a segregated asset.
Select the Asset.
When you select a Property in the Select Asset Field, Mclowd displays:
The only Income Type permitted is Rent.
In the Add to Account field, select the account into which the rental income was/will be deposited.
Enter the Date the rent was deposited.
Enter the Amount of rent received.
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.
- 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.
Click SAVE INCOME.