Thanks for the response. I understand the undeposited funds account along with making deposits (I've been running Quickbooks for our landscaping business for 12 years). I have made 2 bank accounts. One is for expenses that have been paid by our property management company and the other is one of ours that will be for any expenses written out of our checking account (mortgage, insurance, etc.). When I write a check, the corresponding account will be used based on if it's an expense incurred through our management company or an expense that we directly paid. While I have my deposited rents (sitting in the undeposited funds account right now), this is just the gross amounts that we received each month. The actual amount of the deposit we get each month from our management company will always be less since there are management fees and repair expenses each month. For example, say I have $1,600 I get for one property's monthly rent. I create an invoice for this property for $1,600, as well as make a deposit for $1,600 to show that the rent was received. I have to pay a 6 percent management fee to the property management company and an additional maintenance expense that's $50. The $96 and $50 expenses will be recorded as expenses through my checking account that I set up as my property management account. So the check I will receive from my management company will be $1,454. ($1,600 less $96 less $50). But my gross total of $1,600 is in my undeposited funds. I guess my question is how do I allocate the deposited rents?
