I have 12 rental properties managed by 2 different managing agents and receive rental income less expenses from them each month.
Currently, I input the detail into a journal for each income stream each month.
But I’m wondering if that is the best way?
Any comment appreciated…
Hello @bobferg,
Ideally, these Managers should invoice you and issue a Statement with each payment.
The invoices should be entered in as Purchase Invoices citing the propery managers as Suppliers.
The gross rental Income as Sales Invoices citing tenants or the entire properties as Customers
The net payment amount should be enterred as a Receipt with both the above Purchase Invoice and Sales Invoices in the lines.
In case of any discrepancy in payment amounts, the discrepancy should be added to the Supplier’s account in a separate line in the same receipt.
I would set up each rental property as a division for reporting purposes. Additionally, your journal entries should gross up the net rent and include the expenses deducted by the managing agents, see example below.
Thanks for your response guys 
