Certain expenses are deductible from taxes. Amortization refers to the loss of value of an asset over a given period. Each year, it is possible to deduct the amount of this loss in value. To record amortization, follow these steps in the Finances section: Click on “Add an expense”. Choose the type “Amortization”. Select the
To add an expense, go to the “Finance” section and click “New transaction”, then “Add expense”. For each expense you can enter the property, the type, the date, the payer and the amount, plus the tenancy agreement, the recurrence, the VAT amount, the recoverable amount, a description and the associated documents.
To add an income, go to the “Finance” section and click “New transaction”, then “Add revenue”. For each income you can enter the property, the type, the date, the payer, the amount and the VAT amount, plus the tenancy agreement, a description and the associated documents. Rents and security deposits generate their own documents.
When you create a tenancy, the amount of the security deposit specified in the tenancy agreement will be recorded as a line of income in the “Finances” section. You can also manually create a collected security deposit, simply add a revenue of type “Security Deposit” in the “Finances” section. A receipt will automatically be generated
Taxable income In general you’ll pay income tax on the revenue you get from renting out a property. The taxable amount is the sum left once you’ve added your rental income and deducted any allowable expenses or allowances. Your income is primarily the rent you receive but also any other payments from tenants for services
