Thanks for requesting me.
Can you elaborate on what you mean by "booked as a journal entry against other income"? What was other income?
It's listed in the chart of accounts as " Rent received" and the account type is "other income".
So, I have two "rent received" accounts one with the account type "accounts receivable" and the other account type " other income". Both are income accounts, so I'm not sure that it matters. I just want to be sure of the correct way to post the transactions. Right now I have transactions in both.
If this is done to straighten the bookkeeping part then it does not matter as long as you can figure out that both are rental income. From the perspective of taxes, it would depend on the various deduction per property and may need to appear in its own separate column. The CPA would determine that but you should be able to note that this is real estate rental income and be able to attribute it to a certain property
okay, this is to straighten out the books. I couldn't figure out if 2 accounts were created for a specific reason, or whether it was an error. Thanks!
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