Re: [GNC] Using GC for Property Management
Also, https://lists.gnucash.org/pipermail/gnucash-user/2023-June/107567.html would probably readily adapt for commission. > ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
[GNC] Using GC for Property Management
* https://wiki.gnucash.org/wiki/Using_GnuCash#Printing_a_Rental_Report * https://github.com/dawansv/gnucash-custom-reports JC wrote: > I really wished that GC would have the option to link Vendor/Customer to a > transaction without creating a bill or invoice. Any future development > plans for this feature? Yeah, no cash accounting for business sucks. ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] Using GC for Property Management
Thanks Mark for your response. Very interesting answers. Nice try Mr. ChatGPT. This seems to be a typical ChatGPT response, overwhelmed with words (no picture), mixing different subjects together (accounting workflow and management workflow), and not answer the questions specifically to GC. One credit I do have to give to ChatGPT is that it makes sense to set up the Rental Receivable under asset instead of under income. Other than that, all CPAs can feel relieved that they don't have to worry about job security for a long time. After several tries, I realized that I had to do the renter invoice with split of rental passthrough and management fee, instead of do the split on the owner's bill part (as a matter of fact, it is impossible to do the split on the bill). Other than that, the workflow will be the same. Giving the current GC features, I do have to create both renter invoices and owner bills individually. It seems there is no other easier ways to do that, unless someone can help me understand the SQL needed to create an automation script to streamline the workflow... -- JC On 9/22/23 3:56 PM, Mark at Lorimark wrote: well... I don't know how to answer your question, but considering what I would do if I were asking the same questions... I went to ChatGPT and asked the big AI. Here is what it said; My Prompt (from you): I am trying to set up GC for a small property management business. There are three actors involved: Renter, Property Owner, and Property Manager. Renter pays rent on a monthly basis to property management, and the manager pays the property owner after taking out certain percentage of management fee. write a workflow to process that. ChatGPT Setting up a workflow for a small property management business involving Renters, Property Owners, and Property Managers requires careful consideration of the steps and interactions between these actors. Here's a workflow to help you process rent payments and management fees: Workflow: Rent Payment and Management Fee Processing Renter Pays Rent: On a monthly basis, the Renter pays their rent to the Property Management company. Rent can be paid through various methods, such as bank transfers, checks, or online payment portals. Rent Receipt and Acknowledgment: The Property Management company issues a rent receipt or acknowledgment to the Renter upon receiving the rent payment. The receipt should include details like the payment amount, payment date, property address, and a unique reference number. Record Rent Payment: The Property Manager records the rent payment in the property management system or accounting software. Ensure accuracy in recording payment details for future reference and reporting. Deduction of Management Fee: After receiving the rent payment, the Property Manager calculates and deducts the agreed-upon management fee percentage. The remaining amount represents the net income from rent. Payment to Property Owner: The Property Manager initiates a payment to the Property Owner for their share of the rent income. This payment is typically done through bank transfers or checks, and it should include a breakdown of income and deductions. Monthly Reporting: Prepare monthly financial reports for both the Property Owner and the Property Manager. The report should detail rent collected, management fees deducted, and any expenses incurred on behalf of the property owner. Reserve Fund Allocation (Optional): If agreed upon, allocate a portion of the rent income to a reserve fund for property maintenance and repairs. Maintain transparency by documenting the allocation and use of these funds. Communication with Property Owner: Keep open lines of communication with the Property Owner regarding rent payments, property maintenance, and any issues that require their attention. Ongoing Property Management: Continuously manage the property, address maintenance requests, and ensure the property is well-maintained to retain tenants. Annual Financial Statements and Tax Reporting: Prepare annual financial statements and provide necessary tax documentation to Property Owners for tax filing purposes. This workflow ensures a systematic and transparent process for handling rent payments, management fees, and property owner payments. It helps maintain good relationships with both Renters and Property Owners while ensuring financial accuracy and accountability. Additionally, consult with legal and financial professionals to ensure compliance with local regulations and tax requirements. My Follow-up Prompt: User can you express those elements as they pertain to accounting steps ChatGPT Certainly, let's break down the workflow into accounting steps for your property management business:
Re: [GNC] Payment of invoice in downloaded transactions?
On Fri, Sep 22, 2023 at 03:42:29PM -0600, Simon Roberts wrote: > Today I did an import of bank transactions using OFX, and one of the > transactions is a payment of an invoice. How to I tie the two together? Right click on the transaction > "Assign as payment..." ? -- regards, Mattia Rizzolo GPG Key: 66AE 2B4A FCCF 3F52 DA18 4D18 4B04 3FCD B944 4540 .''`. More about me: https://mapreri.org : :' : Launchpad user: https://launchpad.net/~mapreri `. `'` Debian QA page: https://qa.debian.org/developer.php?login=mattia `- ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
[GNC] Payment of invoice in downloaded transactions?
Hi all, Today I did an import of bank transactions using OFX, and one of the transactions is a payment of an invoice. How to I tie the two together? That is, the bank account balances / reconciles, and the money has been received for the invoice, but the invoice still thinks it's unpaid--clearly there's something I should have done to let the system know that this particular receipt goes against that particular invoice. Thanks for any pointers! Cheers, Simon -- Simon Roberts (303) 249 3613 ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] Using GC for Property Management
well... I don't know how to answer your question, but considering what I would do if I were asking the same questions... I went to ChatGPT and asked the big AI. Here is what it said; My Prompt (from you): I am trying to set up GC for a small property management business. There are three actors involved: Renter, Property Owner, and Property Manager. Renter pays rent on a monthly basis to property management, and the manager pays the property owner after taking out certain percentage of management fee.write a workflow to process that. ChatGPT Setting up a workflow for a small property management business involving Renters, Property Owners, and Property Managers requires careful consideration of the steps and interactions between these actors. Here's a workflow to help you process rent payments and management fees: Workflow: Rent Payment and Management Fee Processing Renter Pays Rent: On a monthly basis, the Renter pays their rent to the Property Management company. Rent can be paid through various methods, such as bank transfers, checks, or online payment portals. Rent Receipt and Acknowledgment: The Property Management company issues a rent receipt or acknowledgment to the Renter upon receiving the rent payment. The receipt should include details like the payment amount, payment date, property address, and a unique reference number. Record Rent Payment: The Property Manager records the rent payment in the property management system or accounting software. Ensure accuracy in recording payment details for future reference and reporting. Deduction of Management Fee: After receiving the rent payment, the Property Manager calculates and deducts the agreed-upon management fee percentage. The remaining amount represents the net income from rent. Payment to Property Owner: The Property Manager initiates a payment to the Property Owner for their share of the rent income. This payment is typically done through bank transfers or checks, and it should include a breakdown of income and deductions. Monthly Reporting: Prepare monthly financial reports for both the Property Owner and the Property Manager. The report should detail rent collected, management fees deducted, and any expenses incurred on behalf of the property owner. Reserve Fund Allocation (Optional): If agreed upon, allocate a portion of the rent income to a reserve fund for property maintenance and repairs. Maintain transparency by documenting the allocation and use of these funds. Communication with Property Owner: Keep open lines of communication with the Property Owner regarding rent payments, property maintenance, and any issues that require their attention. Ongoing Property Management: Continuously manage the property, address maintenance requests, and ensure the property is well-maintained to retain tenants. Annual Financial Statements and Tax Reporting: Prepare annual financial statements and provide necessary tax documentation to Property Owners for tax filing purposes. This workflow ensures a systematic and transparent process for handling rent payments, management fees, and property owner payments. It helps maintain good relationships with both Renters and Property Owners while ensuring financial accuracy and accountability. Additionally, consult with legal and financial professionals to ensure compliance with local regulations and tax requirements. My Follow-up Prompt: User can you express those elements as they pertain to accounting steps ChatGPT Certainly, let's break down the workflow into accounting steps for your property management business: Accounting Workflow: Rent Payment and Management Fee Processing Renter Pays Rent: Debit: Rent Receivable (Asset Account) Credit: Rental Income (Revenue Account) Rent Receipt and Acknowledgment: Issue a rent receipt with details of the payment, including the rent amount, payment date, property address, and reference number. Record Rent Payment: Debit: Bank Account (Asset Account) Credit: Rent Receivable (Asset Account) Deduction of Management Fee: Calculate the management fee as a percentage of the total rent received. Debit: Management Fee Expense (Expense Account) Credit: Rental Income (Revenue Account) Payment to Property Owner: Debit: Management Fee Expense (Expense Account) Credit: Owner's Equity or Due to Property Owner (Liability Account) Issue a payment to the Property Owner, including a breakdown of income and deductions. Monthly Reporting: Prepare monthly financial reports, including an income statement and a balance sheet. Include details of rent collected, management fees deducted, and any other property-related expenses.
[GNC] Using GC for Property Management
Dear GC users, I am trying to set up GC for a small property management business. There are three actors involved: Renter, Property Owner, and Property Manager. Renter pays rent on a monthly basis to property management, and the manager pays the property owner after taking out certain percentage of management fee. Here is the workflow I came up with: Renter(Customer) --> Invoice --> Accounts Receivable ↓ Rent Payment ---> PM Escrow (Income Account) -- Check to Owner Issued↓ Owner(Vendor) --> Bill ---> Acct Payable (Rental Passthrough) --> Rent Passthrough (Expense Acct) | (split)↓ ---> Acct Payable (Commission) --> PM Commission (Income Acct) Could anyone please comment on if this is workable? Creating both invoices and bills every month is kind of tedious. Any suggestions of how to simplify/optimize the process? I really wished that GC would have the option to link Vendor/Customer to a transaction without creating a bill or invoice. Any future development plans for this feature? Thanks in advance! -- JC ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] How to display Job Report
That's wonderful! Thanks John! On 9/22/23 1:11 PM, John Ralls wrote: That's https://bugs.gnucash.org/show_bug.cgi?id=798998. It's fixed in GnuCash 5.4 that will be released this weekend. Regards, John Ralls On Sep 22, 2023, at 2:43 AM, Jediator wrote: Hi GC users, I can't figure out how to display a job report. The menu item Report->Business->Job Report shows empty content and there is no job selection under report options. The user's manual left this part incomplete. Is this function still under development? I am using GC version 5.3. Thanks in advance! -- JC ___ gnucash-user mailing list gnucash-user@gnucash.org 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 gnucash-user@gnucash.org 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.
Re: [GNC] How to display Job Report
That's https://bugs.gnucash.org/show_bug.cgi?id=798998. It's fixed in GnuCash 5.4 that will be released this weekend. Regards, John Ralls > On Sep 22, 2023, at 2:43 AM, Jediator wrote: > > Hi GC users, I can't figure out how to display a job report. The menu item > Report->Business->Job Report shows empty content and there is no job > selection under report options. The user's manual left this part incomplete. > Is this function still under development? I am using GC version 5.3. > Thanks in advance! -- JC > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 gnucash-user@gnucash.org 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.
[GNC] How to display Job Report
Hi GC users, I can't figure out how to display a job report. The menu item Report->Business->Job Report shows empty content and there is no job selection under report options. The user's manual left this part incomplete. Is this function still under development? I am using GC version 5.3. Thanks in advance! -- JC ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
