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Jennifer529
Level 3

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

He agreed to pay for the repair bill of $300.00 if I reimburse half $150.00, on his next months rent invoice. Would I have to create a reimburse line item on his invoice to show it as an expense? For example: His rent is $475.00 The next line I would enter $ -150.00 as an expense account Making his rent for the month $325.00 Correct?
5 Comments 5
MadelynC
Moderator

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

I can help you handle this transaction, Jennifer.


You can deduct the $150.00 when creating a bank deposit. This makes sure the actual amount deposited in your bank matches the record in QuickBooks.


Before that, create an invoice amounting to $475.00. Then, process the payment through the Receive payment option. Once done, follow the outlined steps below to settle the expense.

 

  1. Select the + New button.
  2. Click Bank deposit under Other.
  3. Choose the account you want to put the money into from the Account dropdown.
  4. Make sure the invoice payment is selected.
  5. Go to Add funds to this deposit section.
  6. You can enter your name in the Received From dropdown.
  7. Select the account for reimbursement, then enter "-150" in the Amount field.
  8. Press Save and close.
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You can also use this method to track the expense paid by your renter: Refund a security deposit.


Once everything is good, you can now categorize and match your online bank transactions in the program. Then, use this reference to ensure your account are balanced and accurate: Reconcile an account in QuickBooks Online.


Don't hold back to drop a comment if you need further assistance about managing your transactions. I’ll be here to help. Have a good one and take care always!

Rainflurry
Level 10

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

@Jennifer529 

 

Yes, you are correct.  Just make sure the reimbursement item is mapped to the appropriate expense account and you're good to go.

res@finisroadrvp
Level 3

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

 My renter made a service call for his RV to be repaired. It was determined to be our electrical and not his RV at all.  He kindly paid the repair in full for $300.00 if we agreed to split the cost by applying $150.00 to his next months rent.  I attached a screen shot of an example I assume would be okay.  I would have to create a product/service item possibly titled reimbursements and use a negative amount to show his reimbursement on his April rent receipt correct?  I would sent his invoice to be paid using QB payments for April at $325.00.

 

 

katherinejoyceO
QuickBooks Team

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

Thanks for joining in this conversation, res@finisroadrvp. In your case, you'll want to create and apply delayed credit to track a customer's credit for future use. 

 

Here's how: 

 

  1. Select + New, then pick Delayed credit.
  2. In the Customer dropdown, select the customer's name
  3. Enter the details, such as the date and the amount. 
  4. You can also create a custom credit service item to quickly add it to delayed credits as a single line item.
  5. Select Save and close.

 

Then, Apply the delayed credit to an invoice. Here's how:

  1. Select + New, then select Invoice.
  2. In the Customer dropdown, select the customer. This opens a window with all open transactions for the customer, including invoices and delayed credits. Note: If you don't see this, select the small arrow next to the invoice Balance Due.
  3. Find the delayed credit and select Add. This adds the credit as a line item to the invoice.
  4. Fill out the rest of the invoice as needed.
  5. Select Save and close.

 

Please know that adding a delayed credit to an invoice from a prior accounting period will affect that period's balances.

 

You can check out this link for your reference: Create and apply credit memos or delayed credits in QuickBooks Online.

 

Feel free to come by and post some more of your concerns if you have any. I'll be right up to help you again. Take care. 

res@finisroadrvp
Level 3

Can I reimburse my renter on their next months rent. The renter paid half of one of my business expenses ( a repair man).

Yes.  I think the delayed credit is the option to use.  I do not see how this would be an expense since the renter was invoiced and not us.  He agreed to pay the full amount and we agreed to pay half by applying the $150.00 toward his rent invoice for April.  I read another option to just write the renter a check for $150.00. 

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