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H
Hashen
February 24, 2021
Question

Transfer and class

  • February 24, 2021
  • 1 reply
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Let say the rent payment for property class as '456' arrives in account of property class as '123', what class do I put when I transfer the funds from account class 123 to 456? Thank you.

1 reply

john-pero
john-pero
February 24, 2021

When you transfer book rent from one class to another you need to affect both classes. A transfer alone only affects one class but your receipt of rent affected one class as well but with two transactions, the charge and the payment. What you would do is a journal entry,  debit rent to class 456 and credit rent class 123. This removes the rent income from 456 and applies it to123.

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