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)
- 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
- 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.