Share this content
5

Property Development company help with Xero

Didn't find your answer?

Hi All

I have a client that uses xero for its bookeeping. It buys land through loan funding & own money.

I need to be able to record the money that is being held on account with the solicitors... (client account)

Does anyone else have a client like this and can advise the bookeeping entries best and if any xero advice would be appreciated? i.e setting up a solicitors control account?

Example: Buy property for £500k, £400k would be funded from a loan, £100k would be paid from my client. 

Thanks

Replies (5)

Please login or register to join the discussion.

ALISK
By atleastisoundknowledgable...
19th Jul 2018 06:30

Can’t you just treat the £100k as a spend money to a ‘Money held by somicitor’ current asset nominal, then on completion do a jnl Dr land, Cr solicitor Cr loan?

Thanks (1)
Replying to atleastisoundknowledgable...:
By johngroganjga
19th Jul 2018 07:44

I think cash held in a solicitor’s client account is cash.

Thanks (1)
Replying to johngroganjga:
ALISK
By atleastisoundknowledgable...
19th Jul 2018 09:51

johngroganjga wrote:

I think cash held in a solicitor’s client account is cash.

I agree, but on Xero it's easier to treat it as I suggested. Creating dummy/control accounts as bank accounts on Xero isn't as good/easy as it was on Sage 50.

Thanks (1)
My photo
By Matrix
19th Jul 2018 07:55

Just set it up as a new bank account or current asset.

Thanks (1)
avatar
By learose
19th Jul 2018 10:10

Thank you! We have set up a dummy bank account already however the client has posted incorrectly into this bank and without having to manually re do all of the entries again xero does not seem to have a find and recode option to move these amounts.

I was just seeing what options people had, if there was another way of me recording these transactions so that if mistakes were made by clients they could be rectified easily.

Xero is not making it easy :)

Thanks (0)
Share this content

Related posts