Forum

• # 92279
• Tue 16 Jul 2013 12:09 PM

Quick question, I'm using SAGE Instant Accounts (recently installed) for a company whose services includes rental properties. I'm a very new! ACA trainee.

I'm basically using the bank statement to input all the transaction so that the boss can have the accounts computerised.

I have entered a bank RECEIPT from an agency who handles property.
The receipt was £1,054 (as on bank statement) and I used the nominal code for rental income.
This receipt broken down is £1,600 rent, less £546(455+VAT) agency fee.

How can I correct the transaction to account for the fee+vat ?

The boss wants a bank rec. next so I assume I can't just add a transaction...?
Do I have to do something in the journal?

Thanks for any help ,even if you aren't SAGE familiar maybe some theory could help me

Edited at 16 Jul 2013 12:10 PM GMT

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• # 92299
• Wed 17 Jul 2013 08:41 AM

It's hard if you don't have all the info to hand &, as you have found, the bank statement doesn't tell you the whole story!
I'm not sure whether it is just your terminology, but you shouldn't be entering journals for all these transactions.
Really, you should have an invoice for the rental income & you would then use the Customer tab to receive payment of the whole £1600, rather than bank receipt.
You should enter a purchase invoice for the agent, showing fee & VAT, and would then pay using the Supplier tab in Sage (not bank payment) - payment in full.
Then, when you reconcile the bank account, you mark both these as included and your account should balance.

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• # 92513
• Mon 29 Jul 2013 11:41 AM

Stevosaid:

“It's hard if you don't have all the info to hand &, as you have found, the bank statement doesn't tell you the whole story!
I'm not sure whether it is just your terminology, but you shouldn't be entering journals for all these transactions.
Really, you should have an invoice for the rental income & you would then use the Customer tab to receive payment of the whole £1600, rather than bank receipt.
You should enter a purchase invoice for the agent, showing fee & VAT, and would then pay using the Supplier tab in Sage (not bank payment) - payment in full.
Then, when you reconcile the bank account, you mark both these as included and your account should balance.”

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