Creating multiple rental properties in AO Classic General Ledger
This support note applies to:
- AO Classic General Ledger (AU)
In MYOB Accountants Office (AO) Classic - General Ledger (GL), Sub-accounts can be created to provide a more comprehensive account selection. Specific rental statements are designed for use with rental property sub-accounts.
Sub-account codes range from /01 to /99. As the maximum sub-account code is /99, up to 99 rental properties can be recorded. Details on how to add sub-codes to your ledger can be found in Setting up sub-codes in AO General Ledger.
To produce a rental statements for each property, you can run the report 1310 Rental Income Statement and increment the subaccount code for each property. For a consolidated rental statement, you can also print the report 1300 Rental Income Statement.
The standard account ranges for rental property accounts are as follows:
| Account Code | Description |
|---|---|
| 216 | Property Name/s |
| 217 | Rent Received |
| 219 | Agent Fees |
| 220 | Commission |
| 221 | Depreciation |
| 222 | Impairment |
| 223 | Interest |
| 224 | Land Tax |
| 226 | Rates |
| 227 | Repairs and Maintenance |
| 228 | Sundry Expenses |
This means that the chart of accounts for Property 1 and Property 2 will look similar to the following example:
| Account Code | Descriptions for Property 1 | Account Code | Descriptions for Property 2 | |
|---|---|---|---|---|
216/01 | <Property 1 Name> | 216/02 | <Property 2 Name> | |
217/01 | Rent received | 217/02 | Rent received | |
219/01 | Agent's Fees | 219/02 | Agent's Fees | |
220/01 | Commission | 220/02 | Commission | |
221/01 | Depreciation | 221/02 | Depreciation | |
222/01 | Impairment | 222/02 | Impairment | |
223/01 | Interest | 223/02 | Interest | |
224/01 | Land Tax | 224/02 | Land Tax | |
226/01 | Rates | 226/02 | Rates | |
227/01 | Repairs & Maintenance | 227/02 | Repairs & Maintenance | |
228/01 | Sundry Expenses | 228/02 | Sundry Expenses |