How do we record when a tenant hasn't paid rent and we forgive the rent?
I have many rentals and several of my tenants have been a long time renters. They had difficult times during this COVID months and I have forgiven their rent for April and May. How do I log this in QB?
The way I log the rents are I issue an invoice to customer (which I have memorized the transactions), then payment received and then I deposit the payments.
How do we record when a tenant hasn't paid rent and we forgive the rent?
Hello KSBHomes,
Based on the details on your post, the unpaid rent is considered as bad debt. With that, we'll create an expense account to track the bad debt. Then, use it to close the invoice. You can use this link for the detailed steps: Write off bad debt in QuickBooks Desktop.
We got your back if you have additional questions. Have a great day!
How do we record when a tenant hasn't paid rent and we forgive the rent?
Hello KSBHomes,
Based on the details on your post, the unpaid rent is considered as bad debt. With that, we'll create an expense account to track the bad debt. Then, use it to close the invoice. You can use this link for the detailed steps: Write off bad debt in QuickBooks Desktop.
We got your back if you have additional questions. Have a great day!
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