Welcome to the Community, dlusk. I understand you're new in bookkeeping. No worries, I'm here to guide you on how to manage your rental payments.
In QuickBooks Online, you can keep track of the transactions for each property you manage. I'll leave this article for you to have detailed steps to track your rent income and expense: Record transactions for a property management company. Please make sure that your income and expense records are correct.
If they have a bad debt with you, but you know you aren't going to get paid. You can write off a bad debt as a deduction.
Here's how:
- Go to Settings ⚙ and select Chart of accounts.
- At the upper right, click New to create a new account.
- From the Account Type ▼ dropdown, tick Expenses.
- From the Detail Type ▼ dropdown, select Bad debts.
- In the Name field, enter “Bad debts.”
- Select Save and Close.
You may also want to check on this article for you to have detailed steps: Write off bad debt in QuickBooks Online.
If you need more help, you can contact your accountant. This can get tricky and they know how to handle the next steps. If you don't have one we'll help you find one.
In addition, you may check this article to learn how to send reminders to customers when your invoices are overdue: Send invoice reminders automatically or manually in QuickBooks Online.
Please don't hesitate to let me know if you have additional questions about managing your rental payments. I'm always here to lend a hand.
