I am not an accountant, but have rental properties in Australia. I use the second method. In Australia all the income costs are lumped together on our return. (but you will need to have the data if you are audited!). I use the method of rents being scheduled to a ´rent due´ for each client/property & balance to income acct, the rent received ditto goes to the same parent acct, as a ´rent recd´. This means the acct total is what is in credit/debit for the client. For costs, there is a parent acct for each property & paid bills are entered in sub accts such as power, rates, insurance (which may be split between properties) etc. At the end of the year I give my accountant a report that breaks everything up into properties, ins & outs then gives totals that are used for the tax return. There are also depreciation values included that are calculated yearly. (because there are different formulas used, I write the formula in the first entry ´description´ in the asset acct so I remember how it is calculated.) Believe me, when you own a property for a long time, it is good to remind yourself how it is calculated! btw, because I use cash accounting, I balance up the real income from rents annually for my tax return because not everyone is up to date! One advantage I feel of using this method is I can start a new primary acct for a new tenancy. Old accounts are hidden once you no longer require them (but always available if you are audited!)
regards, Doug On Thu, 8 May 2025 20:36:50 -0500 R Losey <[email protected]> wrote: > Assuming you have a Property 1, Property 2, and Property 3, you can either > set up the accounts (I'm using just "maintenance" and "utilities" for the > properties) as: > > Properties > Maintenance > Property 1 > Property 2 > Property 3 > Utilities > Property 1 > Property 2 > Property 3 > > You will then have a maintenance total for all properties, and each > property, but you will not have the total costs for each property -- you'd > have to create a report only using the accounts for Property 1. > > The other way to do it is turning the above idea inside out, so to speak: > > Properties > Property 1 > Maintenance > Utilities > Property 2 > Maintenance > Utilities > Property 3 > Maintenance > Utilities > > This way, you see the property costs at a glance, but you'll need to create > a custom report to get the separate maintenance totals. > > Just my tuppence... > > > On Thu, May 8, 2025 at 5:36 PM Graham Eastwood <[email protected]> > wrote: > > > Hi > > I have set up allocating bills paid across my properties using scheduled > > transactions, but how do I at the same time allocate the cost to an expense > > account such as maintenance, when gnucash doesn’t have categories, only > > accounts. > > I’m tearing my hair out trying to do this! > > Regards > > Graham > > 07899 066280 (m) > > Sent from my iPad > > > > > On 6 May 2025, at 11:06, Graham Eastwood <[email protected]> wrote: > > > > > > Hi > > > I loaded a qif file from by bank account. Maybe connected to this I now > > have a “Current Account+” which appears to replicate the “Current Account” > > I created by renaming GnuCash’s “Checking Account”. It contains all the > > same transactions and current balance. However, this spurious account > > doesn’t appear in the Accounts hierarchy, so I can’t delete it. > > > What’s going on, and how do I rectify it? > > > Regards > > > Graham > > > Sent from my iPad > > _______________________________________________ > > gnucash-user mailing list > > [email protected] > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > ----- > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > > > > -- > _________________________________ > Richard Losey > [email protected] > Micah 6:8 > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
