How to Reconcile a Charge the Landlord has Paid you directly (QuickBooks Users)

Step 1 – Receive Payment on QuickBooks

Go To QuickBooks > Banking

Receive the payment using the “Add” Feature.

MUST select Deposit and Creditors

Step 2 – Run a Sync with QuickBooks

How to run a Sync with QuickBooks

The sync should create a Property Owner Receipt for the Landlord

Step 3 – Add Transaction

You should already have a charge against your owner. If not, add a charge against your owner (this can be “Management Fee Charge”/”Sundry Charge”)

How to Add Transactions

How to Add Management and Agency fees

Example below

Your statement should now look similar to this. 

Step 4 – Remit

You can now remit the charge you raised to the owner against the Property Owner receipt. This should always leave a remittance of £0.00.

Step 5 – Run a Sync with QuickBooks

How to run a Sync with QuickBooks