More than one tenant per property

This is a common question: I have more than one tenant in a property – what do I do to record their rents and see if each individual is in arrears / ahead in their payments? Set up one property for each room / other area that the property is rented differently so that receipts are recorded correctly for each tenant. This is done through Rental Workbook > Property > New. name them Room 1, Property Address, Room 2, Property Address etc.

and then..

You can either apportion any expenses between each property and enter each property’s share of the total on its expense sheet; OR more simply, create another property as your “default” property called ‘General Expenses” and put all the expenses into that property’s sheet.

As everything is added together for your tax return, it doesn’t really matter which way you do it – other than for the purposes of comparing one property’s performance with another.

The main thing is to only record each expense once – don’t double-up!

Posted in FAQ Tagged with: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *



You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>