I have several properties rented out paid by the tenants monthly on a specific dedicated bank AC. On the other hand I have to pay each month the interests to the bank and also the monthly property fees. The left over is our monthly income. What is the best way to set up these transactions?
Thanks,
Francois
Personally, I set up the bank account and then made separate envelopes for Rent: Administrative (mortgage, taxes, contracts), Rent: Maintenance, Rent: Refundable Deposits, and Rent: Income. Those envelopes collectively equal the Account balance, and when we transfer income from the business account to our personal account we just make an envelope transfer back into Available.
Would that work for you?