Question

Rent Receivable

3 replies
15 views

How do I link a rent invoice (sublease rental income) so that the rent receivable shows up as a rent receivable and not Accts Receivable. Thanks

QuickBooks Online

JessT

Moderator

It's good to see you posting today, Tom!

I'll help you with the posting accounts of your invoice. However, your question is tagged under the UK queue, but you mentioned "Accounts Receivable," which is only available to non-UK versions of QBO. The UK versions use Debtors instead of Accounts Receivable. What version are you using?

Another thing that I want to clarify is that QBO uses the default Debtors (Accounts Receivable) account, which is on the Debit side of the invoice transaction journal and it's unchangeable. The Credit side is the Income account assigned to the items.

Is the "Rent Receivable" account that you're referring to an Income type or a Debtors (Accounts Receivable) type of account? Please check it on your Chart of Accounts. If it's an Income type, you just need to change the Income account assigned to the items that you use for rent invoices, so all of the invoices will be posted to Rent Receivables.

Changing the income account of an item:

Go to the Gear icon.
Choose Products and Services.
Click Edit on the item that you use for rent invoices.
Go to the Income account field and choose your Rent Receivables account/category.
Put a checkmark in the Also update this account in historical transactions.
Click Save and close.

On the other hand, we have Help Articles for QBO should you need some references in the future.

Let me know if you have more questions about your invoices. Have a good one!

T

Tom208Author

Thank you very much for your reply. I am not sure how I ended up in the UK queue?
But anyway, the rent receivable I am referring to is the accts receivable asset account, not the income account.

For example, if I bill my tenant $500 rent and send them an invoice, before the invoice is paid, I should have $500 reflected in my accts receivable account. However I do not want it reflected in “Accounts Receivable”, I want it reflected in an account called “Rent Receivable”. However I cannot figure out how to have it linked to the rent receivable account as opposed to the accts receivable account?

A

AileneA

Moderator

Hi, Tom208.

I understand how the workflow you're looking for is beneficial to your business. However, In QuickBooks, the invoice transaction will be debited to the Accounts Receivable account by default, and we will be unable to change this.

As a workaround, you can create a new Service type, then under Account type, select Other Assets or Fixed Assets. And then choose the Detail Type.

Through our Feedback board, we can pass a request here about this feature. These requests and suggestions are forwarded to the Product Development Team, and I want to let you know that your voice matters and that each update our developer team creates is considered that it benefits our customer's business.

Here's how:

Access your QuickBooks Online company.
In the upper-right corner, click the Gear icon.
Under the Profile column, select Feedback.
Enter a brief description of your product suggestion, and then click Next.
Type your email address.
Once done, click Send Message.

I'm adding this article to further guide you in managing the growth of your business using QBO: QuickBooks Help Articles. It includes topics about account management, bank transactions, vendors, and inventory. We can click the + More topics button to view other selections.

Thanks for dropping by. Let me know if you need further assistance. Have a great day!

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