siddiquihabeeb
Sep 2, 2010, 02:51 AM
Could you please suggest the best entry for making the collection of the property managed by us to the owner of the property will all the alternatives.
morgaine300
Sep 2, 2010, 06:47 PM
I assume you mean when you collect on rent? You would debit cash for the total, credit the amount that goes to the owner into a liability to them, and assuming you're getting a percentage, that part would credit into your revenue account.
When it's paid, you simply make the same entry as any other payment of a liability: debit the liability and credit cash.