Income

6.1.3 Add Income: Rental Income

To add Rental Income from Properties owned by your Superannuation Fund, select the INCOME tab.

Income: Main income screen

Click the ADD INCOME button.

Incomebutton menu

Select the Account – Fund, or a Member Account if the income is from a segregated asset.

Add income - select accountSelect the Asset.

selectasset_property

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

Income_rent

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.


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.
  • 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.

 



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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