A bank transfer from a letting agent may represent rent after fees, repairs and other adjustments. Recording only that net amount can make the property’s activity difficult to explain. Reconcile the statement with the bank entry and supporting documents so each part of the transaction remains visible.
Start with the period
Check which property and rent period the statement covers. Note the statement date and when the transfer reached the bank. A payment received this month may include an earlier balance, so avoid assuming every entry belongs to the same period without reading the details.
Identify gross receipts
Record the rent and other relevant amounts shown before deductions. Compare them with the tenancy record and any arrears information. HMRC’s rental-record guidance provides an official starting point for retaining income and expense evidence. Ask the agent to explain an amount that does not match the expected account.
Separate each deduction
Match management fees, contractor invoices and other charges to the relevant documents and instructions. Distinguish money actually spent from a reserve still held by the agent. Check whether a repair has been authorised and completed rather than assuming the deduction alone proves both.
Reconcile the transfer
Work through the opening balance, receipts, deductions and closing balance to understand the payment due. Match the resulting transfer to the bank entry. If it differs, record the query and leave it visible until resolved instead of making an unexplained balancing adjustment.
Keep the evidence linked
Store the statement, invoices and relevant correspondence under a consistent property reference. If using software, check how the entries are represented and that documents remain retrievable after a change of provider. Restrict access to personal and financial information.
This editorial workflow is about keeping an understandable record, not deciding the tax treatment of a payment. Ask a qualified accountant about reporting periods, ownership structures or unclear deductions. A reconciled statement supports that advice but does not replace it. Reviewed 30 October 2026.
Source and further reading: https://www.gov.uk/keeping-your-pay-tax-records/rental-income