What is the accounting entry of property management fee income?

Collecting property management fees is the main business of property management companies. For the property management fee, it can be included in the management fee account. How to make accounting entries to obtain property management fee income?

Accounting entries of property management fee income

1. It takes time for a property management company to obtain property management:

Debit: bank deposit/cash on hand.

Loan: main business income (or other business income subjects)

Taxes payable-VAT payable (output tax)

2. Enterprises pay property fees:

Borrow: management fee-property management fee (the corresponding fees shall be divided according to different departments of the company).

Taxes payable-VAT payable (input tax)

Loan: bank deposit (or accounts payable and other subjects)

What is the tax payable?

Taxes payable refer to all kinds of taxes that should be paid by enterprises according to the operating income and profits achieved in a certain period of time and in accordance with the provisions of the current tax law. Including: value-added tax, consumption tax, urban maintenance and construction tax, resource tax, travel tax, land use tax, education surcharge and stamp duty. The credit balance at the end of this course reflects the unpaid taxes and fees of the enterprise; If it is the final debit balance, it reflects the tax overpaid or not deducted by the enterprise.

How much is the management fee?

Management expenses refer to the expenses incurred by the administrative department of an enterprise for organizing and managing production and business activities. Specific items include: company funds, trade union funds, unemployment insurance premiums, labor insurance premiums, directors' dues, agency fees, consulting fees, attorney fees, post and telecommunications fees, greening fees, managers' salaries and welfare fees. Expenses incurred by the board of directors and the administrative department in the operation and management of the enterprise or borne by the enterprise. Management expenses belong to profit and loss accounting subjects, with debit indicating increase and credit indicating decrease.