If your Fund has invested in Direct Property, you will receive rental income.
To record rental income, click the INCOME tab, then click the ADD NEW INCOME button.
Select the Account to which this income accrues (the Fund, or an individual member account).
Select the Asset that generated the dividend.
There may have been deductions from the rent for agent fees, repairs and maintenance arranged by the agent, etc. There are multiple options for handling this situation:
You could enter the Gross Rent here, and then enter the deductions as Expenses paid from the same Bank Account.
This will cause a number of entries to appear in the Bank Account records that didn't actually occur and don't match up with bank statements. However, the final balance will be correct.
OR
You could enter the Net Rent here, thus only causing the actual amount received to show in the Bank records, and then enter the deductions through a Journal, showing the income to the Rent account and the deductions to the relevant Expense accounts.
Click SAVE INCOME.
