Rental Summary workpaper (RSS)

The Rental Summary (RSS) workpaper reconciles rental income and property expenses for a residential or commercial rental property, broken down by month where a property manager report is available.

Data extraction, from property manager report

Address of Property is read from the Income & Expenditure summary. Each income and expense line below is picked up monthly where the report breaks it out that way, or entered against the Annual column where only a yearly figure is provided:

●        Rental Income and Other Income: matched under headings Property Income, Income, or Money In, using keywords such as Residential rent, Rent, Commercial rent (Rental Income), or Outgoings Recoverable, Tenant Reimbursement, Refunds (Other Income).

●        Expense lines: Agent fees/commission, Administration fee, Advertising, Bank charges, Body corporate, Borrowing expenses, Cleaning, Council rates, Gardening/lawnmowing, Insurance, Land tax, Legal expenses, Pest control, Repairs & maintenance, Stationery/telephone/postage, Travel expenses, Water Charges, each matched under Property Expenses, Expense, or Money Out by its own keyword list.

●        Sundry rental expenses picks up anything on the report that doesn't map to one of the named categories above, plus specific keywords (Fire Protection, Smoke Alarms, Sundry Fee, Tenant Invoice Fee, Agency Fees).

Note: Repairs & Maintenance is flagged Human Intervention Required if the annual total exceeds $1,000. Sundry rental expenses is flagged Human Intervention Required whenever any amount at all is coded to it, since it's a catch-all rather than a defined category.

Data extraction, from Trial Balance

Where no property manager report exists, the same income and expense lines are instead picked from the Trial Balance directly, matched by the same keyword logic against Income/Other Income (for income lines) and Expense (for expense lines). Address of Property, Private Use Percentage, and Ownership Percentage are entered manually in this scenario.

Depreciation figures, from BMT schedule

●        Deductions for decline in value: Division 40 current-year figure from the BMT Tax Depreciation Schedule's Diminishing Value Method Summary.

●        Capital works deductions: Division 43 current-year figure from the same schedule.

●        Interest on Loan: total annual interest from the Interest Summary Report.

How to access

●        Go to Jobs and open the relevant job.

●        Click the Workpapers icon or navigate to Job Results then Workpapers.

●        Select RSS on the Workpapers Dashboard.