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Confused with rent amounts, Other Charges, Accounts & Items

rent amounts

Q: I collected rent amounts that need to be documented as well as the trash, water, gas, electric, etc. amounts. What is the best way to document those collected amounts? A flat rate is paid each month for all services.

A: Create an item for Rent (link to Rent Income account) and trash, water, gas electric should be linked to the Reimbursed Income account. Create an Invoice for each item and their amount.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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