Rental Property Funds retained by Agent

Carol Vella

• 20 November 2025 07:05

I have money retained by Agent for future expenses.  I am not sure where to code this.  Should I create a rental clearing account and if so should I create a separate clearing account for each rental property and where in the chart of accounts should this be.  

1

• 

  Andre Jones

  • 24 November 2025 22:47
  • Edited

  Hi Carol, 

  Thank you for reaching out and creating a Community Post. 

  Simple Fund 360 does have an Agent Management Fees Expense account (41930/Property Expenses - Agent Management Fees). So if you would like to you can code the money retained to this account. 

  Alternatively, you can use a clearing account. There is no requirement to set up a separate clearing account for each rental property. Instead, you can use the existing 99900 / Manual Suspense Account (or others highlighted here) to temporarily hold these amounts. 

  If you use the Suspense Account, please ensure that all balances are cleared before closing the financial year. Simple Fund 360 will not allow the financial year to be closed if there are remaining balances in Suspense or Clearing accounts.

  If you have any further questions, feel free to let us know.

   

  0

Please sign in to leave a comment.