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Established Member

Overpaid rent to a new owner

A property I manage has sold. I need to write a check to the new owner for rents that were paid past the closing date. I don't know how to handle that. I use statements and just charged the tenants through the day before closing, so they have a credit. I need to write a check to the new owner and clear it up in QB.

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Established Community Backer ***

Re: Overpaid rent to a new owner

You don't do anything differently for New Owner, than for Old Owner. You use the new Payee Name. Your initial Title states you already Overpaid the new owner; if so, you underpay next time, to have the Total of the two times be what it was supposed to be.

 

Using Statements and Charging Tenants should never give a Tenant a credit. That is a bit confusing. Tenants might get a credit from Overpaying their rent, of course. Credits are part of AR. If any customer name has a credit, you get to decide what is the next step for reality: Wait until their new charges are due, or refund that now.