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Receive Rental Income


Setup Customers and Vendors

Rental income details

Anish has rental income.  Anish has another building next to his company and he has rented it out to "Guru Prasad".  He received Rs 25000/Month as rent on the building

Step1: Journal Entry

Create a Vendor/Supplier "Guru Prasad"
Create a "Journal" entry in the month end.
- Debit "Guru Prasad"
- Credit "Rental Income"

Step 2: Receipt

Later, Anish receives the Cheque from "Guru Prasad". 

Click on "Payment" menu and then click on "New Receipt"

Now, Anish looks at the "Trial Balance".  Drill down on the "Bank A/C" and "Rental Income"