QB Issue Resolution:
If I’m understanding your question you are saying a Realtor is being paid to bring you tenants and the Realtor get a fee equaling 1 month rent plus $199.00. If this is correct try this…I’m using $500.00 a month as an example:
First please understand that a Security Deposit is not Rent and should not be recorded as such. It’s a Liability and should be held in an escrow account until the tenant moves, at which time you take out anything you may be owed…like damages, etc.
Your Tenant should be in the Books as a “Customer”. You should have ‘Items” set up to handle your Tenant Charges as such:
1. Rental Income
2. Security Deposit (This is a Liability not Rent. You have to hold on to this until tenant moves)
3. Realtor Expense
You create the Invoice and post $500.00 to Security Deposit Item and $1000.00 to Rent Item
The Realtor deducts his fees ($699) and gives you $801.00 ($1500 -$500 -$199)
You use Receive Payment Menu enter $801.00 (That’s what you have to Deposit)
Give the Tenant Credit for the amount the Realtor took:
Go to Customer, Create Credit Memo/Refund
Enter $699.00 Under “Item” select “Realtor Expense”
Click Save…a box will pop up…select “Apply to Invoice” and click “OK”
Resolution for Issue 'We are managing a rental property. One tenant paid his realtor 3 mos advanced rent which is 1 mo security deposit and 2 mos; 1st and last mos rent.' available: Yes (Solved).
Source: Intuit Community forum.
We are managing a rental property. One tenant paid his realtor 3 mos advanced rent which is 1 mo security deposit and 2 mos; 1st and last mos rent.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for advanced
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