[embed]https://youtu.be/9wAFkhKDuNc[/embed]
Option 1 Create an opposite negative transaction
For property managers, or if the rent is a liability Step 1: Create Transaction Go to Tenancies > Statement > Add Transaction (negative number)
Step 2: Allocate Bad Debt Locate the transaction on the statement and then allocate it to the relevant outstanding debt.
Option 2 Create an analysis code for bad debts
For self managing landlords, or if the rent is revenue.
Step 1: Create an Analysis Code. To understand this see understanding analysis code Go to Preferences > Analysis Codes > Add Analysis Code
*For Xero=users ensure you map this new analysis code* Create the analysis code as shown in the image, if you use Xero you need to map this to your "bad debt" expense nominal account
Step 2: Create Transaction Go to Tenancies > Statement > Add Transaction
Once added it will appear as a negative transaction
Step 3: Allocate Bad Debt This will remove the outstanding as being overdue.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article