Corrected Income Tax Calculation
There was an error in the Income Tax calculation in Property Mananger.
This issue was raised by a user on 22 April 2010 and fixed on 23 April 2010.
This affects a small minority of our users, namely those where
- Secondary Rent Payments were added, and
- In the Income Tax screen, Cash calculation was used instead of Accrued
Under these circumstances, the figure shown for Rent and Other Income on the left was incorrect and did not match the breakdown shown on the right.
This will result in under-reporting
the rental income for the tax year in question if the total is used rather than the breakdown.
The following screenshot shows the problem. The figure of 1,175 does not include a secondary rent payment of 100 on 2/9/2009. Meanwhile, the secondary rent payment of 150 on 30/4/2010 should not be included. The correct total is 1,275.
The corrected calculation is shown below.
We can check your particular figures on request. Please email
if you'd like us to do so.
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