This article details how to process an annual rental statement for a residential property in Class.
To increase the efficiency of processing, set up a transaction rule to record the net rent (income after expenses) and record the rental statement quarterly or annually depending on GST requirements.
If you are processing income for a commercial property then please note you need to manually enter any GST amounts into the relevant fields of this event.
Navigate to fund level > Transactions > Fund Income > Rental statement
- Select the property account
- Enter the start date
- Enter the end date
- The total amount of rent received, including GST, in rental statement
- Enter the type of expense being processed
- Enter the total amount of expense
If you have multiple expenses click on the +Add button to enter additional expenses.
If you have used a transaction rule for the net rent, to gross up the rental income, create a rental statement event, +Add all expenses and then include the sum total of all expenses in the Gross Rent including GST box.
Learn how to create transaction rules