Quote from @Kesha Diaz:
Buildium entered into Quickbooks HELP
Our Property Management company uses Buildium for our Rental Properties. They track the few bills such as utilities, lawn maintenance etc. The Property Management company collected the gross rent and then disbursed to me the net rent after expenses and fee is paid. That amount gets deposited into my bank account (net amount).
So my confusion is when I reconcile my business bank account the only money shown is the net rent amount. So how would I entered the gross rent and expenses, as well as show the deposit of the net rent that came through the bank. I know it’s a double entry journal but not sure how it should be done.
please help
In your Quickbooks,
1. Create a current asset account in short of accounts called: "Due from PMC". When reconciling, the deposit from PMC will go into this account and increase its balance.
create a journal entry:
1. Credit any income that is shown on PMC income statement.
2. Debit any expenses that is shown on PMC income statement.
3. Debit the amount that is disbursed from the PMC.
(Check out this tool to automate above process:
https://stateconcile.com/)
