How does a Landlord Reconcile Property Manager Deposits
Quickbooks Online
I am a Landlord called CSP below.
CSP has a Property Management Company called GPS below.
Rents are collected by GPS in behalf of CSP
GPS invoices CSP for Vendor Bills
CSP makes a contribution from CSP Credit Card to CSP Escrow held by GPS
Vendor bills are paid by GPS out of CSP Escrow
GPS remits remaining CSP Escrow to CSP Checking less Payments to Vendors, less GPS expenses, less GPS management fee, less CSP Reserve amount left in CSP Escrow.
CSP is trying to reconcile GPS deposits but is having issues with Items for Prior recorded Bills/expenses from GPS which CSP has made a contribution to the CSP escrow held by GPS.
GPS has a bill from a vendor or
GPS has bill for their services or
GPS has a monthly bill for their management fees
CSP records the individual expenses as a new unpaid Bill from GPS and then
CSP contributes $ from CSP Credit Card to CSP Escrow then
GPS pays the bill from CSP Escrow
CSP records an invoice for Rent due from tenant in Undeposited Funds
Tenant/HUD Pays GPS
GPS deposits the rent to CSP Escrow
Weekly GPS remits rents to CSP Checking
Less payments to Vendors
Less payments to GPS for their Services
Less payments for their management fees
Retaining some arbitrary nominal amount in CSP Escrow as reserves.
Today CPS matches Tenant Rent Invoices to Payments recorded in GPS software as they come in, this is before GPS remits Escrow to CSP
Today CPS reconciles CSP Credit Card statements against contributions to CSP Escrow for Bills paid by GPS
Today CSP has deposits from GPS into CSP Checking net of expenses.
I can create a deposit and match the transaction to Undeposited Rents due from tenants
The main issue is when entering the expenses as Items, CSP has already recorded the expenses previously and also made a contribution to escrow for the expense via Credit Card.
The items against the deposit create a duplicate expense as well as not having the appropriate Class/customer detail.
Is there a way to match an item to a bill/expense is a similar manner as matching to Undeposited Funds?
The other issue is how to record and keep track of the remaining funds GPS retains in escrow.
Please let me know if more detail is needed.
Thanks in advance.