Hi;
I need to record the following:
Company collecting rent of a property on behalf of Owner, depositing in their bank account and charging owner a management fee for Property Maintenance. e.g. Monthly rent $1875.00
Total Property management fee for the month $1450.00 Plus HST = 1638.50 They write a cheque to Property Owner for the difference.
e.g. $1875.00 - $1638.50 = $236.50. How do I record this transaction. Need help.
Thank you.