Allocating rental income from suspense (legacy method)

Mclowd provides users with two options in terms of suspense allocations:

• A legacy interface (available to all users)
• An upgraded tabular interface which supports faster transaction processing (access to which is restricted to Pro and Premium users only)

**NOTE:

• The suspense allocation function – in either mode – is not suitable for adding a new property or any additions to that property.
• That should be done only via the Add New Asset or Assets screens
• However the interface is suitable for allocating property-related rental income and deductions

The balance of this article deals with the legacy interface.

If you have successfully imported the bank data:

• Choose Suspense Allocation Legacy from the Transactions menu
• You will then see the Allocate Suspense Entries screen

From the Suspense Account Allocation screen you will see a list of transactions that are available for allocation.

The following example shows how you deal with rental income.

In the relevant row, you need to:

• Click the Please select button against that rent transaction
• You will see a drop-down list of Income, Expenses, and Other categories
• Select Rent

• You will then be taken to the Add New Income screen and you will see Assign Rent Transaction, which allows you to record both Income and Expenses relating to rent
• Click Please select against Select Account and then select the Fund or the relevant member
• Click Please select against Select Asset and then select the relevant property asset – which in this case is 55 Sirius St
• This screen allows you to include gross income and any expenses from your Rental Statement and a description relating to the rent like agent commission and other costs
  • Include the Gross Rent and description
  • If adding Rental Expenses, click Please select and choose a rental expense type, then add a description and include the amount paid
  • If adding more than one rental expense, choose ADD ANOTHER EXPENSE ITEM. Complete the relevant details for all rental expenses until finished
  • Make sure that the Net Rental Income figure matches the deposit. Check your rental statement and correct it if it differs

Note:

• If required, you can change the Description to something more meaningful
• If you make a mistake with a rental expense, you can choose DELETE to delete the expense and re-enter it if appropriate
• If you should not be adding rental income, select CANCEL to return to the previous screen

Select SAVE INCOME once you are satisfied with the information on the screen.