Starting a small business. We collect rent $$ from the renter on behalf of the condo owner. We keep a percentage of the rent as revenue for the business and the balance is given to the condo owner after the renter checks out.
Question: Are the funds or proceeds that belong to the condo owner located on the balance sheet as a liability? What should the account be called?
Any info is much appreciated - Thx
Question: Are the funds or proceeds that belong to the condo owner located on the balance sheet as a liability? What should the account be called?
Any info is much appreciated - Thx