Property incomes can be added from Property Tank, or allocated directly from Bank Feeds.
This article will explain how to:
Add income from Property Tank which can be matched with a bank transaction (from Bank Feeds) when paid in the future.
To get started, navigate to Property Tank, select your property, and then the 'Manage' button.
From the property page select the 'Income' tab, and then the 'Add' button.
Step 1 - Add the Net Payment Details
From the Add Income pop-up, the first step is to add the net payments details (ie. the amount you will receive in the bank).
Enter Net Payment - The amount you will receive in your bank (ie. after any fees)
Date - The statement date or the date the payment is expected
Category - Start typing to search and select the category (ie. Rental Income)
Description - What the payment is (for example, May Rental Income)
Step 2 - Add any Fees
In TaxTank we add back any fees to calculate the gross rental income and associated expenses correctly for each property.
Fees will be listed on the management statements provided by your real estate (unless self managed of course).
Category - Start typing to search and select the category (ie. Management fees)
Amount - The expense amount
Select the 'Add Fee' button to add all the fees listed on your management statement.
Step 3 - Attach and Confirm
When all fees are added, confirm the gross income amount is correct and attach a copy of the management statement for safe keeping.
When you're done, press the 'Save' button to confirm.
Income transactions will be available to match from bank feeds when the payment is received. For more information check out article:
'How to Find & Match Income Transactions from Bank Feeds'