Accountant for a letting agency

[Tbozz]

Please is there any accountant here who is familiar with letting agency business accounting?
Most important is operating both "Client Money account" and "Business Bank Account" in one accounting software?

I will like to have a private chat.

 

[Ecomccountant]

I assume you mean an escrow account? We have dealt with this before happy for a PM

 

[Tbozz]

I assume you mean an escrow account? We have dealt with this before happy for a PM

Its a bit similar to an escrow account but there is no third party involved.

In the Estate/Letting agency business we have a business bank account for the business income and expenses and a "client money account" for the rents and deposits.

Since the money in the client bank account doesn't belong to business rather to the tenants and landlords, it shouldn't be an asset, hence the client account need to be added to any account so as not to alter the business turnover figures.

 

[Ecomccountant]

Yes this is third party money this will sit as liability and asset. So it will not be classified as turnover. Once these monies are paid to your clients the asset and laibilty will reduce. Again no impact on turnover.

Was that the question?