Real Estate Investment Property Management Statement tracking in Wave

LimestoneLimestone Member Posts: 2

We have 3 investment properties managed by a Property Management company, they collect the rent, take off various expenses then send the rest as one deposit to the bank account. Our bank account is linked so we see the final deposited amount but need a way to account for the various expenses which I can do as we have for utilities for each property but to make all balance I'm unclear with how I should track the rent amount collected by the PM. Example would be 2 apartments with rent income of 2x $1500, Income prepaid utilities $100, landscaping expense $100, Property Management expense $300. Deposited into our account is $2700. Is the best way creating an invoice every month with revenue collected less expenses?

Comments

  • UHRP3UHRP3 Member Posts: 72 ✭✭

    Hi @Limestone

    See below how you need to define the product and then create an recurring invoice for the individual property
    You can customise the invoice and hide the relevant fields so that they will not appear in invoice

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 104 ✭✭

    You could enter as money received the difference between the gross rent and the amount received (using cash account for example) and then enter the expenses deducted by the agents as if they were also paid from the same account (eg cash account) so that the end result in the selected bank/cash account is NIL. You would obviously allocate the income element to rents received and the expenses to whatever the appropriate expense accounts would be.

    Regards

  • JLSkoczekJLSkoczek Member Posts: 2

    Can you run a P&L by each investment property?

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 104 ✭✭

    @JLSkoczek said:
    Can you run a P&L by each investment property?

    The simple answer is NO, unfortunately. There are only 2 ways to do this - either have a Wave account for each property OR export your data to CSV files where you can use filtering and/or pivot tables to analyse your results between properties.

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