On Sat, 11 Mar 2023, Jamie Tolbert wrote:
Started a new property rental business, and for now, am on a cash basis, Originally , I thought I would just pay each bill, and credit owner equity and debit the bill, but that seems very cumbersome and confusing, so before I get into the actual upcoming rental season, I thought I would credit owner equity, lets say 500.00 and debit petty cash. and then pay the bills out of petty cash......but I cant get that initial transaction correct, I tried the TRANSFER button on the toolbar, and I end up with 1000.00 in owner equity instead of 500.00........what would be the best way to do this?
Jamie, Your accountant should advise you on this, depending on any local laws or requirements. It's a business so use the business functions. Set up each rental unit as a customer and have a matching income account and damage/pet deposit account. If you have multiple people renting the same unit you'll have a lot of customers, but that provides you with a history for each one. Since you're operating on a cash basis, issue an invoice each month for each renter/customer, don't post that to accounts receivable until it's paid and pay it the same time with the money debited to your rental income account. HTH, Rich _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
