Agent Financial Closing Agent Financial Closing: Sure, here are the steps on how to do account finalization in real estate agents: 1. Gather all the necessary documents: This includes the closing disclosure, the deed, the mortgage documents, and any other paperwork that was signed at the closing. 2. Reconcile the closing costs: This means… Read More »
Bookkeeping for Real Estate Yes, there is a threshold limit of bookkeeping for real estate agents and managers-rentals in India. As per the Income Tax Act, 1961, all businesses with a turnover of more than INR 20 lakhs are required to maintain regular books of accounts and records. This includes real estate agents and… Read More »
Financial Transactions Financial Transactions Of course, here are the essential financial transactions that a real estate agent ought to document in their bookkeeping: 1. Income from commissions: This is the primary source of income for most real estate agents. It is important to… Read More »
Bookkeeping types There are two main Bookkeeping types: Single-Entry Bookkeeping: Single-entry bookkeeping is a simple method that involves recording each financial transaction only once. This method is often used by small businesses with few transactions. In single-entry bookkeeping, a record is made of each transaction in a journal or ledger, with one entry made for… Read More »