Letting statements

What is a letting statement?

A letting statement is produced by your letting agent and will outline your rental income and list any deductions made by the agent during the rental period.

Letting statement bookkeeping entry

1. Select the Income from Letting Agent Category

To begin, while completing your bookkeeping, select the appropriate Income from letting agent category from the options available.

2. Enter Description & Payee (Optional)

Enter a description for the transaction. You can also enter a payee, which is optional but may help with future reference.

3. Save the Entry

Once you’ve entered the required information, click Save to store the transaction.

Reconciling your letting statement

1. Access the letting statement

To reconcile a letting statement, head to the dashboard and click on Review.

You can also access your letting statements by navigating to Finances > Letting Statements from the side menu.

2. Select or Create a Letting Agent

If you’ve already set up a letting agent, select it from the list. If this is the first payment from a new agent, you’ll need to create a new profile for the letting agent by following the steps.

3. Enter Reference Number

If the letting statement has a reference number, be sure to enter it in the provided field.

4. Select the Property

Choose the property that the statement relates to. If the statement involves rental income from multiple properties, select that option. If it’s for a property not yet set up in the software, you’ll need to create a new property profile by following the steps.

5. Confirm Date Range

Select that this does apply to a date range, as this income applies to a set period. This step is essential to account for it correctly.

Input the period that the letting statement covers. This ensures accurate reporting of income and expenses for that timeframe.

6. Enter Item Lines

Now, break down the letting statement line by line, entering the itemised amounts. The total should balance to zero to confirm all items are accounted for correctly.

7. Upload the Letting Statement and Save

Once everything is entered, upload the actual letting statement document for your records and click Save to complete the process.

You’ve now successfully completed the bookkeeping and reconciled your letting statement!