Rent Recieved

Options
pppgreen
pppgreen Registered Posts: 21 Regular contributor ⭐
in General discussion
When recieving money for rent i.e. your a landlord is it a debit or credit entry in the rent recieved account?

So if commission recieved of £150 has been credited to the rent recieved account would it affect the trail balance?

Thanks in advance.

Comments

  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
    Options
    Rent ie income is a credit.

    £150 received would be a credit for the income, and the other entry, the debit, would be £150 cash going into the bank.
  • clegganator
    clegganator Registered Posts: 184 Dedicated contributor 🦉
    Options
    If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
    Options
    clegganator wrote: »
    If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...

    Yes if commission paid, the OP says commission received.

Categories

Privacy Policy