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Allocating rental income from suspense (Pro version)

Users on the Pro version and above are able to allocate suspense entries through a more contemporary, tabulated interface designed to improve workflow.

Once you have imported your bank data:

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

From the Allocate Suspense Entries, you will see a list of transactions you will need to allocate.

The following example shows how you deal with Rental Income.

NOTE You can only enter the Net Rental income received here.  If you wish to record the gross rent and expenses, then we recommend you allocate it via Legacy Suspense or use a journal entry to include the extra rent and related expenses.

In the relevant row, you need to choose the Edit button against that Income transaction

You will see the following screen

  • On the above Edit Record we have left the Member Account as Fund as the Property is a fund asset.
  • When the screen first appears, the Account will be pre-selected as 2-9999 – Bank Clearing Suspense Unallocated
  • To change the Account, choose the Right down arrow and a list of alternative options will display.  You then choose the most appropriate option.  In our example, we have selected the 4-1300 – Gross Rent.
  • The Transaction Type is automatically selected as IN – Rent
  • Choose the correct rental property, which in this case is 55 Sirius St
  • If required, you can change the Description to something more meaningful.
  • Once you have chosen the Account, you then choose UPDATE
  • You will now see the Allocate Suspense Entries screen again.  You can then choose the next transaction to allocate