This article explains how to record rental income for a property that you’ve added to an unincorporated landlord account in FreeAgent.
Please note that the unincorporated landlord account type is currently only available if you work with an accountant who is a FreeAgent Partner. You’ll need level 7 access or above to your FreeAgent account to follow the steps below.
If you have an unincorporated landlord account type and rent out a property, you can record the rental income by eitherexplaining a bank transaction as ‘Rental Income’ or creating an invoice. Please note that doing both will result in your income being double-counted.
If you’re explaining a bank transaction to record rental income instead of creating an invoice, navigate to the 'Banking' tab at the top of the screen and select 'Bank Accounts' from the drop-down menu.
Choose the relevant bank account from the list.
Select the transaction that relates to the rental income.
Select ‘Rental Income’ from the ‘Type’ drop-down menu.
Select the property that the rental income relates to from the ‘Properties’ drop-down menu.
Select ‘Explain Transaction’ to complete the process.
If you have more than one transaction that you need to explain as rental income for the same property, tick the checkboxes to the left of the relevant transactions and select ‘Rental Income’ from the ‘Type’ drop-down menu in the panel on the right-hand side.
Next, select the relevant property from the ‘Properties’ drop-down menu and select ‘Explain [X] transactions’ to explain all the selected transactions in the same way. Remember to include an appropriate description for the selected transactions. If you leave the ‘description’ field blank, the transactions will automatically be given the original descriptions from the bank feed import or bank statement upload.
A record of the bank transaction(s) being explained will appear in your Audit Trail report.
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