Spliting Cash rent payments

I have a multi unit rental and some tenants pay in cash. Say I deposit $1600 cash and $600 is for rent for 1 tenant, $600, is for rent for another tenant and $300 is for a security deposit. I split the transaction into the 3 different payments. How do I match the rent for the tenants to the split transaction? Is there a better way to handle this?

Answers

  • splasher
    splasher SuperUser ✭✭✭✭✭

    Create a cash account named something like un-deposited receipts. When you receive the rent, enter the transaction into that account with all the information needed to properly allocate it to the appropriate rental property.

    When you make the deposit into your bank account which may include multiple rent payments, make it as a transfer from the un-deposited receipts to the bank account. There is no need for any detail in this transfer since it was done in the previous transactions as the rent was received.

    Doing it this way, each rent is applied correctly and the download from the bank account only needs to match up with a single transaction.

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