![]() The Ray Lucia mantra of each property in its own LLC is overblown in my mind. You must, as I understand it, keep each LLC in a separate company file or there is no point in having more than one LLC unless you have additional investors/members. Receive customer payments for monthly invoice, deposit to a clearing account, now deposit to the clearing account from each sub unit Due To liability in the management company. Use invoices to bill the subs, use billable expenses to assign the costs by unit(customer) and class. ![]() If income, you use 1099Rent to show the payments to the units. I assume you record rents into management as income or as liability to your sub units? (A single monthly insurance premium need not be split 100 ways when you pay it) You do not need any journal entries other than year end balance of class allocation. If I have roughly 600-800 instances of income and expense transactions per month that go through MGMT LLC, will each transaction need this type of journal entries or is there an more efficient/easier way to accomplish the same thing? HOLDING LLC #1 financials would show -$50 “Due To/From MGMT LLC” on its current assets and $50 as a repair expense on its PL. MGMT LLC books are reconciled in its Current Assets, since there was $50 reduced from MGMT LLC bank account and $50 added to the Due From Holding LLC#1. The result I am looking for is the following:
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