Hi Sandra,

To record this you can create a separate bank account and agency nominal code. Once done, you can then post a bank receipt into your agency nominal code and agency bank account for the £48.

You can then post a bank receipt into your rent nominal code and main bank account for the £452.

Thank you Paul, I have been using Sage for a week.

So step by step and reasons why, are my actions correct?

I opened a new bank account and called it Agency, I have left it as a cheque account and ticked No Reconciliation.

I have created a new Agency commissions nominal code and posted the Agency invoice to it and created a bank receipt in the Agency bank account to the same nominal code.

Is there anything else that I will need to do as a result. Are there consequences that will need to be dealt with later?

thank you

No problem Sandra.

When you say you’ve posted an agency invoice, have you created a customer record to post this to? If not, how have you recorded this invoice?

It’s just that my steps don’t involve creating a customer or posting an invoice, just two bank receipts. One to the agency bank account with the agency nominal code, then one to your main bank account with your rent nominal code.

I created a supplier account and batch invoices for Sept and Dec. Do I now put through a Supplier Payment from the fictitious Agency Bank Account ?

Ok thanks Sandra.

A supplier payment posts money out of your bank account, rather than bringing money in.

Creating a supplier and invoices isn’t necessary in this instance, you can just post the bank receipts to record this.

Hi Paul, I do not understand, but I will try it and I will delete the supplier invoices for the Agency Fees. The Agency also charge me for work on the property and deduct that money from the rent before paying us the balance. How do I post that ?
thank you.

ps is there a help page covering this topic ? I cannot be the only business that receives an income from a rental property.

You can post the agency charges using your agency nominal code too Sandra. You can post a bank payment to that nominal code, from your main bank account.

There aren’t currently any Ask Sage articles on recording rent in Sage Accounts.