Mis-Income Break Up
Introduction
The Mis-Income Break Up report in the Property Management Solution provides a detailed breakdown of rental and maintenance income over a selected period. The report offers insights into income generated from both residential and commercial rent, as well as utility and maintenance charges, making it useful for tracking the financial performance of a property over time.
1. Purpose of the Mis-Income Break Up Report
The Mis-Income Break Up report helps users:
Track rental and maintenance income: View income generated from different rental types (commercial and residential) and maintenance charges.
Monitor income by month: View a detailed breakdown of income across selected months in a specific fiscal year.
Calculate taxes and net income: Automatically apply withholding taxes and calculate the net rent received.
Separate income categories: View total rental income separately from maintenance income.
This report is primarily used by property managers, accountants, and finance teams to manage property-related income over a selected period.
2. Key Fields and Filters
2.1 Report Filters
The report includes the following filters to refine the data:
From Month:
Options: January to December
Description: The starting month for the report period.
To Month:
Options: January to December
Description: The ending month for the report period.
Year:
Options: Fiscal Year
Description: The fiscal year for which the report should be generated.
3. Report Data and Columns
The Mis-Income Break Up report displays the following columns:
Income:
- Description: The type of income (e.g., Rental Income, Maintenance Income, Utility Charges).
Monthly Columns (Jan - Dec):
- Description: Displays the income amount for each month within the selected period (from the selected start month to the selected end month).
Total:
- Description: The total income across all selected months.
4. Data Calculation
- The report dynamically calculates the income for each month based on the rental and maintenance invoices generated during the selected period. The following income types are tracked:
Rental Income: This includes income from commercial and residential rentals.
Maintenance Income: This includes income from maintenance charges associated with the rental properties, as well as utility charges.
Withholding Tax (10%): This is applied to the total rental income to calculate the net rent received.
The report also includes separate rows for:
Total Rentals Received
Maintenance Total
Net Rent Received (after deducting 10% withholding tax)
5. Usage
Generating the Report
Navigate to the Mis-Income Break Up report within the Property Management Solution module.
Select the From Month and To Month: Choose the starting and ending months for the report period (e.g., January to December).
Select the Fiscal Year: Choose the fiscal year for which you want to generate the report.
Click "Run" to generate the report based on the selected filters.