Record an Asset

[dino]

Hello,

I have two assets which i rent and as result i get a monthly payment for each asset.
I would like to have a Report where I see an income for both assets due to the rent.
How i can handle this on Money Manager Ex ?

Thanks in advance for your kind feedback

[MartinArmstrong]

The easiest way is to create two new categories and use these to categorise the transactions where you are receiving rent for each of your assets.

Go to 'Tools | Organise Categories' (or click the icon on the toolbar).

You can then Add two new categories under the Income category for 'Asset 1 Rent' and 'Asset 2 Rent'.

Or if you wanted to keep this completely separate from other income you could create a new category 'Rent' and add Asset 1 & 2 categories to that.

You can see a report on your rental income by going to: 'Reports | Categories | Summary' or 'Reports | Categories | Where the Money Comes From'. Set the desired time period and drill down to the detail you want to see.

[dino]

Hi Martin,

Thanks for your feedback.
Just wondering, when then to use Asset account?

I ask because I thought that creating Asset account (for Asset 1 & Asset 2)
I was going to be able to handle/manage income for each rent of each Asset.
Unfortunately, i was not able to see them on the dashboard on the home page.

Thanks!
Dino

[MartinArmstrong]

Just wondering, when then to use Asset account?

I ask because I thought that creating Asset account (for Asset 1 & Asset 2)
I was going to be able to handle/manage income for each rent of each Asset.

From the Help:

15. Asset Management

MMEX allows you to track fixed assets like cars, houses, land and others.

Each asset can have its value appreciate by a certain rate per year, depreciate by a certain rate per year, or not change in value.

The total assets are added to your total financial worth.

Think of an asset as a tangible item (a house, a car, artwork, etc) that you could sell at some point. The value of the asset itself (i.e how much you could sell it for) may change over time. However, the income that you earn from renting out your property, driving your car as a taxi service, selling tickets for people to view your lovely artwork, etc. does not change the value of the asset.

The income (in your case, the rent) comes into your bank account and the deposit transactions for that income need to be categorised so they can be presented in reports.

You will also have expenses associated with your two rentals, so you could set up categories to capture these.

So under a top level 'Rental Property' category, you might have 'Rent' which you apply to the monthly deposits into your account and expense categories such as Insurance, Gas safety check, Maintenance etc.

This is complicated slightly by the fact that you have two properties, which presumably you want to report on separately. At the moment you have to do this by introducing another level in the category hierarchy to identify each of the properties as I suggested in my previous post.


The good news is that in the next release of MMEX (MMEX 1.7) there will be a new feature which allows you to tag transactions with user-defined Tags in addition to the categories and use these to group transactions when reporting. Using tags means that you won't need add an extra level in the category hierarchy.

Here's an example showing a categorised expense, which is tagged as belonging to 'House 1'.

Tags.png

[dino]

Got it, thanks for the explanation