If your Fund has invested in Direct Property, you will receive rental income.
To record rental income, select Add Asset Income from the Income tab.
Note: There may have been deductions from the rent for agent fees, repairs and maintenance arranged by the agent, etc. Mclowd enables entry of these expenses on the Income form and correct calculation of the Net Rental Income. For Commercial Properties, Mclowd also automates the calculation of GST on both income and deducted expenses.
Select the Account to which this income accrues (the Fund, or an individual member account).
Select the Asset that generated the income.
If this is a commercial property, and you have enabled GST in the Fund Setup, Mclowd™ will calculate and display the GST included in this rent receipt.
Enter the first expense deduction by selecting the Expense Classification from the drop-down list.
If this is a commercial property, select the GST classification that applies to this expense. For Residential property, select Non Creditable Acquisition (0.00%)
Type a Description of the Expense and enter the Amount (Gross – including any GST)
Depending on the GST Classification selected, Mclowd™ will display any GST amount your Fund can claim as a refund.
Be careful to select 0% for residential properties.
Click the ADD ANOTHER ITEM button to add another expense.
Continue adding rows until all expenses deducted from this rent income have been entered and the Net Rental Income is equal to the amount deposited to your bank and/or reported on the Agent’s advice.
Note the the Net Rental Income correctly ignores GST amounts.
Click SAVE INCOME or SAVE AND ADD ANOTHER if you have other rent receipts to enter.